What if the preview email doesn't show the correct cycle?
The email preview will always show example content in the cycle specific fields but the actual email will have the correct cycle name, etc. To double check that these fields are using a variable/placeholder as the default, you can take a look at the email by going to Administration -> Emails.
This is what the email will look if it's using placeholder text. If you edited the template directly with the cycle name or other info then you'll want to replace those with placeholders so it will automatically pull the current info when you use the template.
When in doubt, you can also choose to "Reset to default" and edit non-variable text from there.