I found the issue - there was a rogue local/props.conf in a completely unrelated app that had all sorts of EXTRACTS, FIELDALIASES, etc but, crucially, no stanza spec! One of the extractions defined a field called 'action' with a regex that didn't match anything in my raw event and, because the rogue extract had a higher precendance, my extract didn't get populated. Rather than ignoring the defined props statements, Splunk applied the EXTRACTS, etc to everything! Removing the props.conf solved my issue and everything is good.
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