I see that the multiplatform template was updated to include this

named("commonMain") {
            dependencies {
                api(compose.runtime)
                api(compose.foundation)
                api(compose.material)
                // Needed only for preview.
                implementation(compose.preview)
            }
        }

Does this mean that preview is available in common code?

yes, desktop Preview could be called for common code(desktop @Preview should be used)