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No. As the settings panel will inform you, "only visible to logged-in accounts" is effectively advisory. It puts up the speedbump of your profile not appearing on bsky.app when a user is logged out, which stops some kinds of harassment...
...But there is no way to make it impossible for a logged-out user to view your account right now. I know true private stuff is something the team is working on, but it's technically hard because of the same choices bluesky made to prevent you from being locked in if they turn evil.
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