Change WordPress user roles and capabilities › Forums › How to or FAQ › How do I limit access to a WooCommerce store item? › Reply To: How do I limit access to a WooCommerce store item?
“Show access error message” option does not exclude post or product from the listings, it just hides its description. So when not authorized visitor opens such post he sees its title but sees access error message instead of post content – instead of product full description in case of a WooCommerce product.
In order to fully hide product/exclude it from all listings you have to select one of “Return HTTP 404 error” or “Redirect to URL” options.