The Flag Posts privilege page on SO states:
Users with the Moderator Tools privilege can see how many offensive flags a post has accrued, and may opt to flag it themselves.
...where Moderator Tools privilege links to the 10k privilege page. This implies that 10k users are considered "moderators".
The page goes on:
What happens when I flag something Requires Moderator Attention?
You'll be required to enter a comment briefly explaining what the problem is. After that, these moderator flags go in a special high priority queue visible to all moderators...
Trouble is, this kind of moderator is different than that kind of moderator.
I suggest that the page clarify the difference between 10k users and "true" mods. Maybe "these moderator flags go in a special high priority queue visible to a smaller group of elected moderators (as distinct from the larger set of users with the Moderator Tools privilege".