Crop guides: flip vs layout preview

HI,
I notice that in layout preview, there are two sets of crop guides: pink for soft cover and red for hard cover. In the flip preview, I choose to see the layout in either soft or hard cover, die cut, or embossed. I see only one crop guideline, which makes sense b/c I chose the particular format.

Here's the issue: in flip preview, regardless of the book choice, e.g. hard vs soft cover, the crop guideline is in EXACTLY the same place. According to the flip preview, some of my text and images is over the crop line. In contrast, according to the layout preview, for hard cover books, all my text and images are fine. For soft cover, some of the text is beyond the crop line.

I designed my book with at least 0.25" on all edges to allow for crop, assuming hard cover. Best I can tell the flip preview is ONLY showing the soft cover crop guidelines.

Here's the question: which preview do I trust flip or layout? IF the answer is flip, then why is the crop line exactly the same for hard and soft cover?

Thanks,
Steve