Afaik, it is parsed, but limited to the current camera view
It might be "unfair" for some almost purely number-based confrontation like a phoenix-versus-phoenix battle. But are we really that impressed by testing which human happened to be better at estimating the number of stacked phoenixes? To me, that's not what's interesting about competitive Starcraft 2. I'm more interested in micro, like pulling back injured units, or choices like "it makes sense for me to force us to trade out our phoenixes right now even if I lose the battle."