ThemeBuilder version Q1 20256 is no longer using KendoReact as a live preview tool and instead uses a static HTML package as a source of truth. The benefit is that the ThemeBuilder now uses the Kendo Theme rendering as the source of truth (compared to older versions, where the source of truth was the KendoReact rendering).
However, the downside of that approach is that there is no longer a live preview for designers to see and feel the changes made to the theme.
Consider adding the option to preview a custom ThemeBuilder theme via the "Open in REPL" functionality across all Kendo/Telerik suites. This would provide a great benefit for users by enabling them to live preview the changes in any supported Kendo / Teleri framework (and not only KendoReact is in the older versions)