How to get preloaded data on the server

Hi Guys, I am back with another question.
This is related to Preloading Data https://docs.convex.dev/api/modules/nextjs#preloading-data
I followed it, it's working. however I am not sure if its working as its supposed to be.

In my next js app, layout.ts file, I call preloadQuery to load the query
In the same file, I am using ChildComponent and passing the preloaded query to it and in the Child Component (client component) I am calling usePreloadedQuery and it works**.

The issue is when I console log the preloaded query in server component (layout.ts file) it just displays
preloaded {
  _name: 'backend:getInitialData',
  _argsJSON: {},
  _valueJSON: {}
}

Is this how its supposed to work or am I missing something? I don't see any actuald data here.
FYI: The query is called outside the ConvexProviderWithClerk
Helpers for integrating Convex into Next.js applications using server rendering.
Module: nextjs | Convex Developer Hub
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