Amazon converts books it sells to KFX format and this format renders on newer Kindle devices and apps with enhanced typesetting.
Kindle Previewer 3 creates a variant of KFX and hides it in your TEMP directory. This is a separate file from the Master MOBI that is also produced by the Previewer in "My Kindle Books".
The upcoming support for e-ink kindles in the Previewer will probably not change this. That will only add the ability to display the book as it would appear on that type of device. The Previewer will never produce a KFX file suitable for sideloading, AFAIK.
If you are interested, you can find discussion of the Kindle Previewer 3 in one of the threads I linked previously starting at
this point.