I haven't seen them say anything about it. I think they can see 1 battle.net account with 5 accounts just as easily as they can see 5 accounts with their own battle.net account just by looking at the name / address on the accounts.
AFAIK they are listed in the order in which you added them to your battle.net account. That is how they appear in everything I see when I have to select a sub account.
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