Any Google Ads shared negative list attached to a campaign appears here so you have the full picture of what's already blocked.
Shared lists are managed in Google Ads because one list can affect several campaigns - editing it from a single campaign screen could change others unintentionally. So Search Terms shows them, expandable so you can read every term, but leaves editing to Google Ads.
They're here for two practical reasons: transparency (you understand why a term may already be blocked) and de-duplication (you don't waste time applying a negative that's already covered).
How to view a list's terms:
Open the campaign and find its connected shared lists.
Expand a list to read its terms (read-only).
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