I used SMF exclusively in the recent past and to my knowledge, mods only saw a separate moderator CP. Any and all admin items were never shown. The couldn't even access the admin CP.
As for trusting moderators: I tend to have things that I would rather mods not be privy too. Their job is to help me mod the social aspects of the forum, not the technical side, and I don't want them to see it.
IP addresses and action logs are a given; that is needed for their job.
The way I see it is if something goes wrong with security, I want it to be solely my fault and my fault alone. If someone else's eyes can see behind the curtain, that's a liability I can't let go.
(If mods cannot see ACP settings, then just take my post as a voice of why it's good that mods can't see it.)