From the name “exclude parseable” I would expect it to exclude words with a parse.
This happens when I test it. I set up a test project with this phrase, “In the days of King Herod, a priest named Zechariah belonged to the order of Abijah. His wife, whose name was Elizabeth, also did belong to Aaron’s descendants”, then launched the wordlist with morphology showing, when I parse “belonged” as “belong +ed”, Paratext enters the whole word parse /belong/ for belong, but shows it in red. Then if I parse “name” as “nam”, it guesses the parse “nam +ed” for named.
Now if I save and turn on “Exclude Parseable”, all four of these words; belong, belonged, name, named" disappear from the wordlist.
But in another project I have a copy of, with a complex morphology, when I turn on “Exclude Parseable” it does seem to exclude all words where the parse is approved, and also some words where the parse is not approved, but not all of them.