Import with Develop Settings Presets Not Updating Library Previews Unless Open Each Individual Photo

I am trying to import a folder of photos and apply a preset during import.

(Import -> Apply During Import -> Develop Settings: B&W Split Tone --> Import). The photos do import, but doesn't show the photos with the preset applied in the Library, unless I open each photo individually. Once I open the photo you can see the preset did apply, and once going back to the grid view the photo I opened will then show the preset (while the others I haven't opened still show the original). Why isn't it automatically updating them with the preset during import?

One thing I noticed on my import vs. someone elses video was that when importing into lightroom, it says "fetching initial previews" instead of "building standard previews". I am assuming this is related.