Honestly, UTMs are one of those things everyone talks about but half the people using them have no idea if they're actually working. You're not alone there.
the short answer: yes, you can see UTM data inside Shopify. Go to Orders, click into any order, scroll down to the "Additional details" section. You'll see UTM source, medium, campaign - if they're there. If they're blank, your tracking's not firing. Simple as that.
But here's the thing nobody wants to admit: Meta's default UTM parameters are garbage. They'll tag clicks, but they break attribution the moment someone doesn't click straight through - which is most people these days. If you're running engagement campaigns and expecting clean UTM data on purchases, you're set up for disappointment. Engagement campaigns don't drive direct conversions unless you're retargeting like a madman.
Check if your UTMs are even passing by using a URL builder yourself - slap your own parameters on a link, click it, then verify in Shopify. if that works and Meta's don't, the problem's on Meta's side. Server-side tracking or a proper analytics tool (think Triple Whale, not GA4) is where this actually gets solved.
stop relying on Meta's "recommended" UTMs. They're designed to make Meta look good, not to give you clean data