Hey @Braeden_Petruk_MSFT, have deployed this in my test environment as of 15mins ago and all went really smoothly. We're running M365 Business Premium. The two printers I added showed up in the printer autodiscover window (Windows 10 Pro 2004) and were easy to identify with their cloud icon.
I haven't had a chance yet to test user experience if you aren't assigned a cloud print license, e.g. do the printers not show up at all, or do they show up but you can't add them, but will test later today.
Only issue I've found so far is that the printer sees the job as coming from "NT AUTHORITY\SYSTEM" rather than "AzureAD\Username" which would be a problem for some of our swipe to release printers. Not sure if this is a Universal Print issue, or the fact I spun up a non-domain joined server to run the cloud print connector.