There is a difference between Access and Protection when it comes to content.
Protection basically works as an On/Off switch. There are Pages, Posts, Categories, etc. that can be set as Protected. You either set them as Protected or Unprotected.
Then you set which Membership Level(s) have Access to those Protected Pages, Posts, Categories, etc.
To summarize, you select which Membership Levels can Access the Protected content.
You can apply bulk settings for Protection and Access in the Content section of WishList Member.
Note that you can also set the Protection and Access settings for a specific Page or specific Post in the edit section of an individual Page or Post.
You can view the Protection and Access settings for an individual Page or Post below the content area.
More info on bulk Content Protection can be found in the following Knowledge Base articles/videos: