Is "commented out" text still read by the SEs?

[MLTGroup]

A site I reviewed was showing up in Google rankings for key phrases specific to a city, however the page that was showing up had the 'city' key phrases commented out. Does Google still read and utilized commented out text? Or is it more likely that the page in question got indexed before the key phrases were commented out and it's just still appearing for the related search queries?

[KeriMorgret]

Another possibility is that there is anchor text or citations pointing to that site that helps Google know it's related to that city, even if that city isn't mentioned on the site.