Should "preview" text appear when using dynamic lightning?

note: I switch a small project from 4.16 to 4.18.2. It contained some standard assets but nothing intrinsic I’ve added. Only just models.

I’ve turned off precomputed lightning in “favor” of dynamic lightning.

According to the docs “preview” text shows up to indicate where shadows fall and what their approximation will be. But from what I understand building/baking doesn’t happen with dynamic lightning. So why does this “preview” text show up?

There is also another problem when i hit build ( next to the compile button) I get lightning failed. I don’t know if this is standard when using dynamic lightning but the results are that my shadows disappear and my reflections are incorrect. The only way to get shadows back is by rotating the directional light, for reflections to properly work I have to build those only.

I can’t tell if this is a bug or that I’m doing something wrong.

Any indication what might cause this issue?

Edit:

No error messages given either.