Public bug reported:

I started a system with cloud-init disabled, etc. and a single real
network interface (ens3) that could be configured.

That VM has no configuration whatsoever for systemd-networkd, as that
would have to have been written by netplan, and cloud-init did not
generate netplan config (because it was disabled).

So:

root@ubuntu:/etc/systemd/system/network-online.target.wants# ip route
d-networkd-wait-online --ignore=lo
ignoring: lo
Event loop failed: Connection timed out
root@ubuntu:/etc/systemd/system/network-online.target.wants# ip route
root@ubuntu:/etc/systemd/system/network-online.target.wants# networkctl
IDX LINK             TYPE               OPERATIONAL SETUP     
  1 lo               loopback           carrier     unmanaged 
  2 ens3             ether              off         unmanaged 
  3 sit0             sit                off         unmanaged 

3 links listed.
root@ubuntu:/etc/systemd/system/network-online.target.wants# 


The system took 120 seconds to complete boot, because wait-online had to 
finish; and running wait-online from the system afterwards also waits 120 
seconds (its default timeout). If there is no configuration for an interface, 
it's unmanaged (as shown by networkctl), so wait-online should not wait, and 
simply report that all interfaces are unmanaged, possibly returning an error so 
we don't reach network-online.

FWIW, having wait-online look up configuration might later be useful
also to figure out if an interface was configured, but marked as
optional (such that it is explicitly not required to be up at boot), or
if we want to configure network devices but specify that networkd should
*not* bring them online (like "administratively disabled" interfaces in
Cisco world using the "shutdown" command).

** Affects: systemd (Ubuntu)
     Importance: Undecided
         Status: New

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https://bugs.launchpad.net/bugs/1728181

Title:
  systemd-networkd-wait-online waits when devices are unmanaged

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