Yes you would see it as a star (like Mars, Jupiter, Venus or any other planet viewed from Earth) - even though it’s light reflected from planet surface.
But in ED it was always displayed the same as stars.
Up until Update 11 that is.
Actually none of the planets show up in SC until I am very close to them.
Ok been doing some screenshotting and experimenting and this is what I have;
I have targeted this planet in this system, as you can see it is 81,000 ls away, but it's a gas giant so it's quite large;
Then I swapped to take a screenshot of the target circle with the planet centered, you can
just see the planet, I have an enlarged and cropped versions here, I tried uploading the full picture but the spot was lost in compressions artifacts but you can see it clearly here, so it seems something may have changed for closer and smaller bodies, but you can still see gas giants from a
long way away!
So what's going on I don't know, but you can still see at least some planets!