I don’t have any previous experience of those hy-vo type chains, so I’m not sure how it should look. Whereas a roller chain would sit in the radius at the root of the teeth, the link plate chain is clearly different. Is it a new chain? My bike is in long term storage far away, or I’d have gladly had a look to compare with your chain / sprocket.
HyVo or Morse chains were patented by Borg Warner many years ago - they are extensively used in transmissions, primarily because they are much quieter with less vibration when meshing than roller chains. The meshing process is much more complex than roller chains - see diagram below - which results in a designed "gap" between the base of the gear and the bottom of the chain teeth.
Hope this is helpful
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