What Happened:
I reinitialized a subscription 16 hours ago. I had about 1.2M records to transfer, so I was expecting it to take a while. The Replication Monitor was saying "N transactions with N commands were delivered" for hours, so I figured everything was OK.
The Issue:
This morning when I check the Replication Monitor, I see this:

Oh no!, I exclaim, thinking I need to reinitialize replication with a newer snapshot to avoid pulling 1.2M rows. But I look at the other Tab on the Replication Monitor, and I see this:

Question:
I'm wondering why Transactions are being delivered, despite Replication Monitor complaining about the snapshot.