NO! You have this exactly backwards! The space of 2 by 2 matrices, of the form
\begin{bmatrix}a & b \\ c & d\end{bmatrix}
has dimension 4 because you are free to choose each of the four numbers a, b, c, and d, any way you want. Saying that the trace is 0 means that a+ d= 0. You are still free to choose b and c to be anything you want. And you could choose either a or b to be anything you want- then the other is given by the equation: either a= -d or d= -a.
That was what I meant when I said that the one equation "reduces the "degrees of freedom" in choosing the entries by 1." You can now choose 3 of the entries to be anything so the "number of degrees of freedom" in choosing entries, which is the same as the dimension of the vector space, is 4- 1= 3.
The space of all 2 by 2 matrices, whose trace is 0, is 3.
More generally, since "trace equals 0" gives one equation and reduces the "degrees of freedom" in choosing entries for the matrix by 1, the dimension of the space of all n by n matrices, whose trace is 0, is n^2- 1, not 1.
But I may be confused by your phrase "the nullity of the trace". To me "nullity" is the dimension of the null space of a linear transformation and "trace" is a number. You cannot have a "nullity of the trace". I thought perhaps you were talking about a linear transformation that took a general matrix to a matrix that has trace equal to 0 but that is not "well-defined". In any case, what I am saying is that the dimension of the space of all n by n matrices, with trace 0, is n^2- 1, which is the best interpretation of this problem I can come up with.