Alas, that is not always true. Any number of times, as I've been working on the fringes of my watchlist, I have seen profiles that I manage listed as "private" when I'm looking at other related profiles. It's not a consistent problem, and I'm not exactly sure how it comes about, but one condition that seems to trigger it is if I'm looking at a profile that I don't manage, and am not on the trust list for, but where the unlisted profile is a sibling, parent, or child of the person whose profile I'm looking it. Normally, I just backtrack until I can see that profile again, but it is disconcerting.