EDIT: Looks like Parameter Store only works directly with EC2 instances, rather than with Elastic Beanstalk? Looks like I cannot set up a load balanced environment which can use the same Parameter Store across (potentially) multiple dynamic instances?
EDIT2: Also looks like it is tricky to run multiple sets of parameters which will auto configure the instance depending on its role (i.e. development, staging, production)? I may be misreading the docs though. Must admit that reading the config docs and options makes me lean towards a quicker solution like the OP's EnvKey.