I've confirmed that when msExchHideFromAddressLists is set to TRUE, the SPS-HideFromAddressLists UPS property is also set to TRUE. However, as Matthew Lamb noted, using the query "SPS-HideFromAddressLists":1 in classic search doesn't work, but "SPS-HideFromAddressLists":0 does work. Huh?!! Why?! This would explain why the default Microsoft search query no longer works as expected. Tania Menice , any insight on this all these years later?
Update: I was using the PnP search web parts for modern and realized that the filter is a *refinement* filter...meaning specify what you want keep, not what you want to get rid of. So SPS-HideFromAddressLists":0 works because we want to display accounts where SPS-HideFromAddressLists = False. Whereas the query used (at least at one time) for Microsoft Search filters out what is NOT wanted (i.e., "SPS-HideFromAddressLists":1), and that is what is not working anymore.