I am trying to track down a revenue attribution issue and am having trouble finding confirmation that my conclusion is correct. Here is the situation.

Google Ads Click --> Hits website. Website popup renders. User fills in info to receive discount via email --> User receives email with code. Clicks a link in the email that has a UTM code indicating the click is from Loyalty email campaign --> User places order on website having clicked the email link (not using the original tab of the site). Order is attributed to Loyalty, not the originating Google Ads source.

Am I correct in assuming that once a user clicks the link in the email with the UTM code, that it is blowing out in ability for Google Analytics to correctly attribute the order to the originating source?