I suspect it works as intended.
During iterations, EasyMorph creates an invisible clone of the iterated module and assigns parameters to that invisible clone and runs it. The module that you see remains intact, iterations don’t modify it. That’s why you don’t see any parameter assigned or changed.
If you want to run the iterated module manually, just assign the {TokenStrM} parameter with some valid value in the Parameter Editor. Because currently, it has no value assigned. That’s why you don’t see any token in the request preview.
However, during iterations, the token was assigned as necessary and the request contained the token.