Yeah, Mastodon's [i]Unlisted[/i] is such a misnomer. My biggest gripe with it is that it mainly means "unsearchable".
And you can't really change that on a server, since that would mean that people who did mean "unsearchable" when they chose "unlisted", suddenly find their posts showing up in searches without their consent...
Friendica meanwhile shows threads as threads, but without the collapsing which would be very useful.