- If you use utm_source=mysite.com by itself it likely would, as the medium would default to referrer and the data sent to GA would be the same as if no explicit parameters were defined.

- If you use utm_medium and set it to anything but referrer, it wouldn't be suppressed. I.e. mysite.com / referrer would get suppressed by the exclusion list and processed as a direct hit, but mysite.com / email would not trigger the exclusion list.

- If you use utm_source=mysite.com, don't use utm_medium (so it defaults to referrer), but leverage other parameters such as utm_campaign, I have no idea how it'd handle that state. I could see it either overriding the exclusion filter due to the explicitly stated campaign, or working like the normal exclusion filter and silently eating the additional utm parameters in the process.

Now I'm curious though - will have to test it out on a dummy property and see what happens!