If nothing matches but the list contains NULL, IN is UNKNOWN.
NULL in list can make UNKNOWN
Read uncertain no-match rows
The NULL-list case makes 2 nonmatching rows UNKNOWN.
NULL-list no-match rows=2
IN-list examples are tiny finite WHERE-style filters with SQL-style TRUE/FALSE/UNKNOWN behavior; subqueries, type coercion, optimizer behavior, indexes, dialect details, and product claims are out of scope.
Not a clear no
Blue and green do not match red, but the NULL list item prevents a clear FALSE answer.
uncertain no match
Summary
A NULL inside the list can turn no-match into UNKNOWN.