Do CC'd team members see the personalized merge tag values?

No. When you CC team members on an email send, they do not see the recipient's personalized merge-tag values.

Argenta fills in merge tags against the actual recipient, not the CC list. On the copy that goes to CC'd team members, personal tags like [TotalDonated] are replaced with their fallback text if you gave one, or a blank, so the CC copy shows no personal data (and no literal bracketed tags either). Two tags still show something: [OrganizationName] fills in as usual, and [FirstName] reads Friend, because that tag always falls back rather than going blank. Neither reveals anything about the real recipient.

Anyone picked here gets a copy with the personal tags left blank.

Why it works this way:

• CC'd team members are internal staff getting a copy for awareness, not the personalized recipient.
• Every person in the audience, whether that is one person or a whole list, gets the fully personalized version with every tag filled in. The CC copy is not personalized even when you send to one person.

If a team member needs to see the personalized version: pick that recipient under Preview As on New Campaign, or use Send A Test, which sends a copy merged as the person you are previewing.