Angular 9 - No component factory found for <component>

After updating an Angular app from version 8 to 9, I'm getting the following error: No component factory found for <component>. Did you add it to @NgModule.entryComponents?

But as stated on Angular Update Guide, adding components to entryComponents should not be required anymore:

With Angular 9 Ivy is now the default rendering engine

...

If you have specified any entryComponents in your NgModules or had any uses of ANALYZE_FOR_ENTRY_COMPONENTS, you can remove them. They are no longer required with the Ivy compiler and runtime.

I'm using the following package versions:

"dependencies": {
  "@angular/animations": "~9.0.3",
  "@angular/cdk": "~9.1.0",
  "@angular/common": "~9.0.3",
  "@angular/compiler": "~9.0.3",
  "@angular/core": "~9.0.3",
  "@angular/forms": "~9.0.3",
  "@angular/material": "^9.1.0",
  "@angular/platform-browser": "~9.0.3",
  "@angular/platform-browser-dynamic": "~9.0.3",
  "@angular/router": "~9.0.3",
},
"devDependencies": {
  "@angular-devkit/build-angular": "~0.900.3",
  "@angular-devkit/build-ng-packagr": "~0.900.3",
  "@angular/cli": "~9.0.3",
  "@angular/compiler-cli": "~9.0.3",
  "@angular/language-service": "~9.0.3",
}

This is the code I'm using to dynamically create components:

@ViewChild('target', {static: true, read: ViewContainerRef}) target: ViewContainerRef;
@Input() componentType: Type<Component>;

cmpRef: ComponentRef<Component>;

constructor(private componentFactoryResolver: ComponentFactoryResolver) {}

ngOnInit() {
  this.updateComponent();
}

ngOnChanges() {
  this.updateComponent();
}

ngOnDestroy() {
  if (this.cmpRef) {
    this.cmpRef.destroy();
  }
}

updateComponent() {
  if (this.cmpRef) {
    this.cmpRef.destroy();
  }

  const factory = this.componentFactoryResolver.resolveComponentFactory(this.componentType);
  this.cmpRef = this.target.createComponent(factory);
}