Yes. The recommended approach is to use Access Rules on the space: set the rule type to Membership, pick the level, and set the space visibility to Private. Members at that level and above see it automatically; everyone else does not.

Following this thread closely. We are about to face the exact same decision and the replies here are gold.

Solid breakdown. The only thing I would add is to back up before making the change — better safe than sorry.

For what it is worth, the same approach works with the PMPro adapter — the membership side is identical from here.