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It looks like this is broken because the disabled list is taking precedence over the enabled list.
For the moment, I think it should work if you explicitly disable only what needs disabling. It will need fixing upstream to make it work as it ought to.
This is not a bug. It is caused by using the wrong parameter "activation_key" in configuration rh_subscription module.
The correct parameter should be "activation-key".
see the example here, https://cloudinit.readthedocs.io/en/latest/topics/modules.html#redhat-subscription
and I checked source code, it works as expected to show the message "rh_subscription: module not configured", so close it as NOT A BUG.
detail in cloudinit/config/cc_rh_subscription.py
Tested rh_subscription module with disable and enable repo,
cloud-init-0.7.9-9.el7_4.2.x86_64 & rhel 7.4
cloud-init-19.4-7.el7.x86_64 & rhel7.9
Result: PASS.