There are three workarounds for it.Use the Make Feature Layer tool.
Create the feature layer using the query within the tool.
When the layer is created, apply the required symbology to it. This retains the symbology.
Select the features using the Select Feature tool
Right-click on the shapefile present in the Table Of Contents > Selection > Create Layer from Selected Features. A new layer is created from the selection in the Table Of Contents.
Click the symbol icon within the Table Of Content for the newly created layer and apply the symbology.
Export the layer.
Select features using the Select Feature tool.
Right-click the shapefile present in the Table Of Contents > Selection > Create Layer from Selected Features. A new layer is created from the selection in the Table Of Contents.
Export the data and make changes to it by selecting the features and right-click the layer. Data > Export Data.