If I create a custom block style for the paragraph block, and it changes the font color from black to grey, italicizes the text, changes the size by a few points, or other moderate visual changes, it's nearly impossible to tell that from the preview, because it's so tiny.

A similar problem may occur with other blocks, but so far Paragraph is the one I've noticed it with.
The preview could be zoomed-in, maybe?
As noted in the other issue from @karmatosed:
I thought there was an issue for this and if there is one please close this (I wasn't able to find it). The style thumbnails for the separators are incredibly subtle, so much I couldn't see them.
We discussed this today in the Gutenberg Triage Meeting (Slack link) and the idea of having a way for blocks to opt-out of the scaling of style variation previews came up.
The current scaling system works well with larger content, but for other blocks such as this, it doesn鈥檛 work. In CoBlocks we've actually overridden the style variation scaling on certain blocks so that they would be more visible.
It'd be interesting to explore adding this capability (perhaps within supports of the block registration) to opt out of the scaling functionality.
It looks like this can also be impacted by the theme. I have a custom block that looks normal in TwentyTwenty, but very small in TwentyFifteen.
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We discussed this today in the Gutenberg Triage Meeting (Slack link) and the idea of having a way for blocks to opt-out of the scaling of style variation previews came up.
The current scaling system works well with larger content, but for other blocks such as this, it doesn鈥檛 work. In CoBlocks we've actually overridden the style variation scaling on certain blocks so that they would be more visible.
It'd be interesting to explore adding this capability (perhaps within
supportsof the block registration) to opt out of the scaling functionality.