I had a similar thought about DSS, but I don’t think the Adobe LTV status depends only on the certificate being trusted.
Adobe usually needs the signed PDF to contain the required validation information, such as the certificate chain, revocation data (CRL/OCSP), and sometimes a timestamp. So even if the CA and CRL are trusted in Adobe’s settings, the PDF may still not be marked as LTV.
I would check the PDF’s DSS/validation data first and see if the CRL or OCSP response is actually embedded in the signed document.
If the validation data is only available from the external CRL URL, Adobe may still show the signature as valid without showing LTV.