“Preserve query string” refers to the query string of the request, not the redirect target, so as the query string of the request is blank when you go to your domain that is replacing the one in your redirect.
You haven’t given the domain you are redirecting from to test, but try turning off “preserve query string”.
It shouldn’t: Redirect to a url with query strings. I have deployed a rule like yours in my test environment with Preserve query string unchecked, and I see the right target in the redirect:
Thank you, I forgot to post an update. Unchecking the box worked. The thing that caused me problems is that I had to test this in a different browser. Chrome was caching the previous redirect settings and so I wasn’t actually seeing the updated redirect settings and so it seemed like a fail since the old redirect was cached.