This setting can be found in Magic Members –> Content Control –> Protections .
It is set to “No” as default.
So, here’s what happens if it’s set to Yes;
Protected posts/pages become hidden. Users with the incorrect membership level(s) or guests users won’t see the posts/pages on your site. This setting removes the protected pages/posts from your site completely. Only logged in users with the correct membership levels can display them.