Is it possible that using the custom loader has caused some transformations within SGTM to stop working?
Using a custom loader should not cause any changes that could affect the operation of the server GTM container. Ensure that the server container URL is the same in the server container settings and in the web tags.
And is it possible that this Custom Loader script is triggering events directly to the server endpoint in a way that bypasses the GTM Preview console?
This is also not a realistic scenario.
The event must first appear in your web GTM preview, where you can see which tags triggered on this event, what data is being passed, and where it is being sent.
If this does not happen, it may indicate implementation issues