Does the redirect not stop the parsing of templates?

Just ran into this.

```
{if logged_out}
	{redirect="404"}
{/if}

{if !segment_3}
	{redirect="404"}
{/if}

{if logged_in}
	{exp:query sql="SELECT thing FROM table WHERE something = {segment_3}"}
		{thing}
	{/exp:query}
{/if}
```

So, when there is no `{segment_3}` or if I am logged out, EE should redirect me to 404, but instead I'm getting SQL syntax error. 