No the phantom server does not show up there, just the existing server shows up.
This is how it shows up in the sylink.XML when I Export Communications Settings for a group:
<ServerList Name="Default Management Server List">
<ServerPriorityBlock Name="Priority1">
<Server Address="existing.mydomain.com" HttpPort="8014" HttpsVerifyCA="0" VerifySignatures="1"/>
</ServerPriorityBlock>
<ServerPriorityBlock Name="Priority2">
<Server Address="phantom.mydomain.com" HttpPort="8014" HttpsVerifyCA="0" VerifySignatures="1"/>
</ServerPriorityBlock>
</ServerList>
Also, I just checked a few clients and thier sylink.xml is identical.
I wonder where it's getting that phantom server info from?