Data Merge Preview Checkbox is backwards

[Old Bruce 1,279]

As the title says, the Preview checkbox for the fields's visibility is backwards.

 Should show.

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 Does Show.

[garrettm30 567]

Actually, based on your pictures, it appears it is not backwards. I take it that the preview would fill in values, while deactivating the preview would instead show field names. I assume the preview in your case is not getting the values for some reason, or that the values are empty.

[Old Bruce 1,279]

I just set it up and only changed the check box in the two views. When I have Preview checked I expect to see the Fields inserted. I figured it out after giving up trying to see anything and hit the Generate button and got Title times four and First times three and Last times 5 because that was the number of times I clicked and double clicked and clicked and clicked....

[thomaso 816]

I looks in your 1st screenshot you haven't placed any fields yet, can you show it together with the fields panel?
Your 2nd screenshot shows the field <placeholders> as expected. If you then tick 'Enable' you should see the content preview instead <placeholders>.

It appears to work correctly here, in the pages panel & document layout: