Thank you for clarifying, @iamkeef!
Indeed, as you are on an archive template, you will want to use the Dynamic Previewer.
Yes, currently the Dynamic Previewer only previews posts.
Rest assured, there is already a planned Feature Requests available to extend this feature: Add categories/tags/archives/terms in dynamic preview mechanism
While you cannot dynamically preview a term, you can preview a post which contains the desired term.
For example, if the Oceania post has the term australia, then you can preview that term by setting the Dynamic Preview to Oceania.
If you have any more questions, feel free to ask.