I have the same problem, but waiting an hour(s?) did not help on my Poco X3 NFC, with Ubuntu Touch 24.04.0 .
I tried both from the Terminal & using Waydroid Helper. If I Ctrl-C the Terminal, I see that Python has been stuck on connect(), i.e. the download never even starts.
The only way I can get it to install is manually download the needed images to the right place & then run "waydroid init -f". No idea why, as Android apps can access the network just fine, and sourceforge.net doesn't block me from accessing it (but maybe it blocks Python's default user agent?).
But I cannot recommend my solution, because some things like GPS seems broken, but someone else says it should work.