This happens because the Parent GameObject is not part of the particle "Effect".
The Effect is defined as being all GameObjects that contain a ParticleSystem Component.
This means that you can get the preview working in a few ways:
1. As you say, select TrailTest instead
2. Select TrailTest, and, in the Scene View preview options that appear, change Simulate Layers to a layer that includes the particle effect. Now it will always be visible in the scene view
3. Add a ParticleSystem component to Orbiter, and turn off all its modules (Shape, Renderer)