CloudFormation stack template failing to receive 1 resource signal during creation of EC2 instance

Hello everyone,

I am trying to deploy a MATLAB VM using the official stack deployment method on the MATLAB Help Centre (through the provided GitHub repository). However, when I try to do this, the EC2 instance creation always fails with "Failed to receive 1 resource signal(s) within the specified duration". This whole process apparently takes only 10-20 minutes and I have tried waiting for 3 hours by increasing the timeout period but I still get CREATE_FAILED followed by rollback. What could possibly be happening here and how could I go about resolving it?