So it turns out this is a bug with Poetry 1.8.0 in relation to Artifactory that was patched in version 1.8.2.

• Bug details: https://github.com/python-poetry/poetry/issues/9056

• Changelog details for 1.8.2: https://python-poetry.org/history/#182---2024-03-02

I upgraded my poetry version and now the pyproject.toml configuration I described above works as expected with no issues.