I'm not sure if the g code preview shows underextrusion.
This is the first layer at 20% (0,20mm regular layer height) shown from the side:
This is the same view with a first layer height of 80%:
As you can see the preview always draws preview lines with a certain "thickness". I'd say it's just the way it is shown which may lead to think it's underextrusion. But if a layer is only 0,04mm (like it's the case with 20%) the preview somehow has to display this properly - hence the first layer
is drawn a bit lower.
Anyways, the first layer shouldn't be considered a good source for detecting over-/underextrusion. Especially when printing small stuff like shown in your screenshot. Apart from how level the bed is and minor changes while heating/cooling down the nozzle and heated bed, one might think it's overextruding but in reality the overlap is too much (just an example). So you get too much material at the point where the inner shell and the infill meet. This material is then dragged by the nozzle to a certain amount while it's moving on doing it's infill lines.
But when printing a bigger surface using the exact same settings you might notice that albeit having these "ridges" at the infill/shell borders, the center of your object looks like it's underextruding. Hard to explain and I don't have any pictures at hand to show this, sorry. Get the first layer to stick properly and then go on with calibration. It needs a certain amount of layers to really tell if you're over- or underextruding. And avoid extreme values while calibrating. If, let's say, you need to push overlap to 50% because else the infill and shell won't touch each other, then something else is going wrong.
Try to stay in the range of layers between 0,2 - 0,3 for calibration, especially on the first layer this will make things much easier. And it's a good range for a 0,4mm nozzle. And don't forget about your extruder gears - depending on the setup your extruders might not be able to output such small amounts of material reliably (0,04mm layer height is really, really tricky).