Update Linux Kernel in AMI works but unable to boot in AWS EC2 Instances

I’ve been successfully using Packer to create a CentOS 7 image that is working properly.
However, I’m now attempting to update the kernel in the AMI. The update seems to work in the AMI and I can successfully run more commands in a shell provisioner after a reboot is finished.

However, using this image in an EC2 instance using a launch configuration will result in a failure to boot.

For reference, I am attempting to update from kernel 3.10.0-1062.4.3.el7.x86_64 to 3.10.0-1160.42.2.el7.x86_64. I get many dracut-initqueue timeout - starting timeout scripts messages and log ending in
Warning: /dev/disk/by-label/rootfs@5c0ac604 does not exist
Starting Dracut Emergency Shell…
Warning: /dev/disk/by-label/rootfs@5c0ac604 does not exist

Can anyone assist? Thank you.