Custom pixel not initializing GTM - no data received in GTM preview

Hello, I am trying to implement GTM via a custom pixel as described in this tutorial:

https://help.shopify.com/en/manual/promoting-marketing/pixels/custom-pixels/gtm-tutorial

However, when I try to preview checkout with the GTM preview tool, it says the tag is not loading and I am not seeing any event data.

I used to just use console.log to check the contents of window.dataLayer.

How do we check the implementation is sending/receiving data? Especially for checkout steps.

Any insight appreciated!