What does it mean when in the Left Menu, a View is nested under a Document?
It does not seem to change the way either one is displayed - the View is not part of the Document.
Every view is ‘owned’ by a container of some sort. This can be either the space, the database, the entity, or the document.
When a view is created within a document (!= mentioning an existing view), the document is the container, and the view will show as in your screenshot.
Note: even if the view is subsequently ‘removed’ (i.e. deleted from the rich text content of the document) the view will still exist (and can be referenced again) until it is actually deleted itself.
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