MySQL 9.1.0 Windows - component_keyring_file fails to load from manifest file (Unknown error 1126, 3529)

I'm trying to set up encryption at rest on MySQL 9.1.0 on Windows using component_keyring_file.

Setup:

• MySQL 9.1.0 installed at C:\MySQL\mysql-9.1.0-winx64\
• OS: Windows 11
• Running MySQL as a service (MySQL91)

What I did: I created a manifest file at C:\MySQL\mysql-9.1.0-winx64\bin\mysqld.my and marked it as read-only using attrib +R. The file contains:

C:\MySQL\mysql-9.1.0-winx64\bin\mysqld.my (read-only):

{
    "read_local_manifest": false,
    "components": "file://component_keyring_file"
}

I also created the component config file at C:\MySQL\mysql-9.1.0-winx64\lib\plugin\component_keyring_file.cnf:

{
    "path": "C:/MySQL/mysql-9.1.0-winx64/keyring/component_keyring_file.keys",
    "read_only": false
}

The keyring folder C:/MySQL/mysql-9.1.0-winx64/keyring exists and has full permissions granted to NETWORK SERVICE.

Error on startup:

mysqld: Unknown error 1126
mysqld: Unknown error 3529
[ERROR] [MY-013709] [Server] Received an error while processing components from manifest file: Failed to load components from manifest file

What I've tried:

• Placing manifest file in bin\ and root directory
• Using absolute and relative paths in .cnf
• Giving NETWORK SERVICE full permissions to keyring folder
• Moving keyring folder outside MySQL directory to C:\keyring

Question: What is the correct way to set up component_keyring_file on MySQL 9.1.0 on Windows?