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If I am reading this right, you sent 100 emails to yourself as a test, but the system used 100 leads' info to fill in the tokens so you could a "live" test.
In this case, it does send them all to you.
I wish I could say to Marketo pick 5 leads within my targeted list instead of letting Marketo decide how many leads (within a limit of 100 leads) I would get...
I didn't receive 100 leads because segment was smaller but I got my full list which was a bit too much for me. An handful of leads would have been enough to determine if my tokens were properly set. oh well...