The start job is running for Wait For Network to be configured with Ubuntu 20.04

I've got this issue on Digital Ocean VM with Ubuntu 20.04. Apparently, it started happening after minor upgrade via apt-get update / apt-get upgrade. 

Full text of error:

And network did not start at all. In console I was able to see that eth0 is active but had no IP. I think this issue is related with some cloud-init bugs triggered by upgrade.

I was able to fix it short term via KVM / recovery console by trying sudo ifdown eth0 and then sudo ifup eth0 but it failed again after reboot. 

As long term fix I've disabled cloud-init via special file:

touch /etc/cloud/cloud-init.disabled

Then it fixed network configuration but did not address 2 minute delay before ssh start.

Source of fix: https://www.digitalocean.com/community/questions/after-upgrading-to-20-04-lts-network-now-takes-2-minutes-to-start-because-of-cloud-init