Why is Parcel build creating an import that fails when I try to execute the built module?

Preamble

I'm very new to parcel and using bundlers so I could be doing something completely wrong.

I followed the guidance provided at Building a library with Parcel since I am trying to bundle the server-side code which will be executed by node.js

My package.json contains the following(removed uneccessary details):

{
  "source":"bin/server.js",
  "module":"dist/server.js"
  "scripts":{
    "build": "parcel build"
  }
  "type":"module"
}

Main Problem

When I build my application with npm rum build it generates everything just fine, no errors are thrown and it only takes about 2 seconds.

Then when I try to run the application with "node .\bin\server.js" it throws the following error.

import {exit as $a7IyA$exit, on as $a7IyA$on} from "process";
------------------------------^^--------------------------------------------------
SyntaxError: The requested module 'process' does not provide an export named 'on'

For additional context, the application does run as expected before I bundle with parcel and the server.js file does include the following as the first import (where error is thrown).

import {exit as $a7IyA$exit, on as $a7IyA$on} from "process";

Update:

After reviewing the Targets documentation, this does make me more confident that Parcel can be used for backend bundling and I tried updating my package.json to the following:

{
  "targets": {
    "server": {
      "source": "bin/server.js",
      "context": "node",
      "distDir": "./dist",
      "includeNodeModules": true,
      "outputFormat": "esmodule"
     }
  },
  "scripts":{
    "build": "parcel build"
  }
  "type":"module"
}

This did get me further, but I'm now getting the following error:

Uncaught ReferenceError ReferenceError: $2az4q$relative is not defined