Processing Records Management Events using document metadata values

I have been trying, unsuccessfully, to process a document as part of a Purview Records Management Event by referencing a metadata value (as opposed to the Asset ID). Does anyone have experience successfully pulling this off? Here's what I've done:

1. Created a Record Label which is triggered based on an event, and published the label to a site
2. Labeled the document with the label, and populated a Single Line of Text column called testeventmetadata with the value 12345
3. In SharePoint Admin Search, identified the column as a crawled property (ows_testeventmetadata) and mapped it to a new managed property I created (testeventmetadata).
4. Created a new Event in Purview Records Management referencing the Event Type associated with the label. For "Applies to SharePoint/OneDrive items with these asset IDs", entered testeventmetadata:12345

Over three days later, and the document has not been processed (see image). Appreciate any help in getting this to work. For reference, https://joannecklein.com/2020/01/22/sharepoint-custom-metadata-and-event-based-retention/, but using Power Automate vs the UI.