Is this Magnolia cutting going to make it or is this a losing battle?

I got this cutting from a Magnolia branch a month ago. I’ve been keeping it alive in vase with water (with liquid rooting hormone mixed in) and a bubbler to keep the water from growing mold or bacteria. I also have cinnamon dusted on the cutting just above the water line to prevent mold. It’s kept out of direct sunlight but under a grow light during the day.

It seems to be slowly growing a new bud but everything above that bud is dying off. Any feedback? I know Magnolias are notoriously hard to propagate but I’m not giving up till the end!