So initially it was discovered by the tech team that a subnet was blocking the abort from proceeding. Manually deleting the subnet in the Portal did not immediately resolve the issue. But some hours later, after initiating another "Prepare" process as part of the testing to generate the error message again, I noticed an Abort button appeared even after the Prepare process failed.
Clicking the Abort button initiated a new Abort process that completed in a few seconds, and after this the VM was able to boot once again. So if anyone is having similar trouble, I would advise manually removing any of the resources that appeared during the Prepare process, and then doing another Abort even if a new Prepare attempt fails.