Restricting access to individual projects in Analysis

Is it possible to restrict users' ability to view certain projects in Analysis module? I was under the impression that this could be done using project "Type", specifically by setting "Groups" section to "Allow ONLY the associated groups below to use this type" and picking one of the groups from the list. But this does not seem to work, even though your documentation on "View All Types" permission on security role says:  

"Allows a user to view the list of all Ticket Types or Project Types in the Type lookup fields (i.e. on a ticket or project). If a user does not have this permission, the user will only be able to view data associated with the Type values assigned to their user profile. It is possible to limit the Type values a user has access to in an effort to limit the creation (and in some cases the viewing) of particular types of work."

Once the user has been give access to Analysis module, is it "all or nothing" approach?