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.

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

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.