I'm probably wrong but is the belt shown in the picture inside out....never seen one with the segmented section on the outside, those "toothy" bits usually go into the V of the pulley don't they
Belt is correct side out. Some manufacturers do that to make it easier to turn around smaller pulleys. I have had a few over the years.
I have also had the belts as you describe with segments on the inside. My understanding is it helps let trapped air out so it does not squeeze out making a squeak.