As I understand it, it has no bearing whatsoever whether you are on any Trusted List or not, regarding your CC7 count.
With that being said, there is a tool that will give you a list of your connections in the various degrees. It does not necessarily give you a complete list, however, because of privacy setting issues.
So while privacy settings of profiles doesn't effect the CC7 Count, it DOES effect how many members from your count will be missed by apps like that one - apps that give you lists, and stuff like that.
I have also run into a situation or two where I was not allowed to add en existing profile to my tree because of privacy protection issues. For example, there is an existing profile for the wife of one of my mother's 1st cousins, but I can't link to her on his profile as being his wife because I'm not on the Trusted List for that profile. I have to either get the profile manager to add him as her spouse, or put on the Trusted List. Until that happens, she won't be in my CC7 count, and neither will a few of her relatives.
But if she was added by that profile manager, without my being on the Trusted List, she and her relatives WOULD count.