Personalization is expected to work in View as Web Page mode. However, you do need to send a real email, not a sample; the email also can't be from more than 6 months before, as the mkt_tok expires. Can you explain more about the origin of this email?
Thank you @SanfordWhiteman for responding.
I did test regular schedule run instead of sample/Test email, run into same error
Here is the configuration I am using.