Unfortunately, registering a "default terminal application" is _not_ something that's made the cut quite yet. It's something we have plans for, but unfortunately not the dev resources for yet. So for the time being, you'll have to launch the Terminal directly to launch it, and running cmd/powershell will still open in conhost.exe.
I don't think we have our release strategy exactly set in stone yet, but I believe the plan is to have a weekly/nightly app users can download that'll be less stable, and an official app, that'll be much more stable.