I figured out the issue!
I recently received a new external drive into which I setup XCode to write its Derived Data and Archives.
This external drive was formatted as ExFAT. I have now reformatted the drive as Mac OS Extended (APFS was not an available option in my Disk Utility) and rebuilt the application.
The updated pkg using the rebuilt and notarized application now correctly installs to /Applications.
It's unfortunate that I could not find a Console log or display verbose enough information via "sudo installer -verboseR" detailing why the application was not being written to /Applications.
Hopefully this post helps someone in a similar situation.
Thank you for your time and responses.
Topic:
Developer Tools & Services
SubTopic:
General
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