After fiddling with things a little more, I changed Application.cfc based on the CF documentation (the original sample was taken from Lucee docs). Now it looks like this and it works.
A tip I always find useful… once you have created a datasource in the admin it will show the code required to configure it via Application.cfc at the bottom of the edit view:
@new2lucee: In a simplified manner: See the Application.cfc as
a sort of global configuration file for your web application. You don’t need to reference it in your other cfm/cfc templates. Whenever you request a .cfm template with the browser, lucee will look for an existing application.cfc file and use use the settings in there.