The debugger shows only the value stored within the memory associated to a property. The value of the property Visible is however determined dynamically at the runtime by the result of the corresponding on-get method OnGetVisible. When you inspect an object in one of the debugger windows the code of such on-get methods is never executed in order to avoid potential interferences with the debugged application. The debugger limits to show what the memory behind the property does contain. In case of the property Visible it contains the value true.
The current visible state of a view is determined by the flag Visible stored within an internal variable viewState. Inspect the variable viewState when you want to check the current visibility state of a view:

Please note, the values of the properties Enabled, AlphaBlended or Embedded are similarly represented by homonymous flags within the variable viewState.