Microsoft LAPS - Error setting Backup Directory

Description
I am trying to enable Microsoft LAPS on Windows 10 Pro 22H2 using lgpo.set. I get an error when setting the Backup directory.

Setup
These are some of the sls configurations I have tried:

LAPS:
lgpo.set:
- computer_policy:
Configure password backup directory:
Backup directory: "Azure Active Directory"

---Error Invalid element name: Backup directory

LAPS:
lgpo.set:
- computer_policy:
Configure password backup directory:
LAPS_BackupDirectory: "Azure Active Directory"

--Error Failed to set the following policies: Configure password backup directory

LAPS:
lgpo.set:
- computer_policy:
Configure password backup directory:
LAPS_BackupDirectory: 1

--Error Element LAPS_BackupDirectory does not have a valid value

Versions Report
Salt Version:
Salt: 3006.5

Python Version:
Python: 3.10.13 (heads/main:5600dd9, Nov 15 2023, 04:42:06) [MSC v.1937 64 bit (AMD64)]

Dependency Versions:
cffi: 1.14.6
cherrypy: 18.6.1
dateutil: 2.8.1
docker-py: Not Installed
gitdb: 4.0.7
gitpython: Not Installed
Jinja2: 3.1.2
libgit2: Not Installed
looseversion: 1.0.2
M2Crypto: Not Installed
Mako: Not Installed
msgpack: 1.0.2
msgpack-pure: Not Installed
mysql-python: Not Installed
packaging: 22.0
pycparser: 2.21
pycrypto: Not Installed
pycryptodome: 3.10.1
pygit2: Not Installed
python-gnupg: 0.4.8
PyYAML: 6.0.1
PyZMQ: 25.0.2
relenv: 0.14.2
smmap: 4.0.0
timelib: 0.2.4
Tornado: 4.5.3
ZMQ: 4.3.4

System Versions:
dist:
locale: cp1252
machine: AMD64
release: 10
system: Windows
version: 10 10.0.19045 SP0 Multiprocessor Free

Start by reproducing the Microsoft LAPS configuration through the lgpo.set entry point using the reported Windows 10 setup and each configuration form shown. Compare the resulting validation errors and determine what accepted configuration should allow the Backup directory policy to be set successfully.