Good question, I had to clarify that in my mind. I think it depends on where your referencing to.
I explained the watchlist on the other question.
I get a Family Feed. that tells me if there have been any changes made to the people on my watchlist.
But if I access Family list from the "My Wikitree" menu. I get nothing but my name. But I have no family attached to me on Wikitree. I'm pretty sure that if I attached my parents (not on Wikitree yet) and my grandparents then my "family list" would consist of all my ancestors that are connected to my parents/grandparents which will be considerable, if I ever attach my parents. And the two lists are not necessarily the same, family would be my ancestors, watchlist are profiles with my name attached as manager/trusted who at least in my case are not related at all.