What I see are not root initials.
They are some sort of bark-splitting.
First they start as fluffy-white and then later turn to ugly brown.
Apart from in-water, I also seen it happening in-bags.
For some reason, cuttings sometimes behave differently.
Rooting in water is not my norm; but I did a few with some
success, some developed roots above the water surface while
others below/in the water. Al, from the other FF, says that
roots in water are different from roots in soil - like starting over again.
Also, remove that figlet from the cutting - it just sucks energy away from the twig.