It's always the note. Unless you are in the user's profile page and click the 3 dots in the corner of the page itself.

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But in that case, why would there be people who are shadow-blocked due to reports, as per this thread?

I doubt many would specifically go to the profile & click Report 🤷

Or is it the case that if a user has reports on their notes from 5 people you follow, all their notes get flagged?