Since v7.2 from chat list you can't see anymore the actions that users with whom you don't share your online status makes (e.g "Typing...") but this shouldn't affect the online status itself too (the green dot).
If you don't share your last seen with someone, they will only see you 'Online' for a brief period when it’s obvious that you’re online:
When you have just sent a message to them or to a group where you are both members.
When you have just read a message they sent you in a one-on-one chat.
When you show as "typing..." messages - to them, or in a group where you are both members.
The same applies for users with whom you don't share your online status because you can't know their online status too unless they are obviously online.
Steps to reproduce
Go to Settings > Privacy and Security > Last Seen & Online > Restrict some users
Current result
When a user that you restricted from seeing your last seen and online status does an action that makes them appearing online, you won't see their online status (green dot) from chat list.
Expected result
When a user that you restricted from seeing your last seen and online status does an action that makes them appearing online, you can see their online status (green dot) from chat list.