Thailand is not on the list does that mean the 144 hour transfer visa does not apply to this rule?

Stine, it means that Thailand passport holders are not eligible for the 144 hour free transit.
If you hold Denmark passport, and travel like this: Denmark-Shanghai-Thailand-Shanghai-Denmark, and both of your layover time in Shanghai is less than 144 hours respectively, you can use the 144 hour free transit in Shanghai.