I think this section is a bit of a red herring. Slughorn's a bit of a narcissist - perhaps not someone who formerlyformally suffers from the disorder, but certainly someone who only wants to associate with the brightest and best (thus his special invitation-only parties). But, like many narcissists, he has a deluded sense of his own importance, and how he appears to others; in this sentence he focuses on himself and his relationship with Snape - "II taught him - II thought II knew him" - whereas other, less self-absorbed people might just focus on Snape's apparent crimes - e.g. "How could hehe do something so awful"awful?"
I think he is shocked and shaken not because he assumes teaching / knowing someone means he can predict who will and won't be a murderer, but because Snape's act undermines his believed understanding of Snape's character, and also suggests that he may have gone wrong somewhere, as Snape's teacher.