New Post: Visibility Checkbox in Default Settings through Admin Access

Hello:

I have unchecked the visibility checkbox for a project template in version 1.4.256.0 through the admin interface > defaults tab. I was guessing that this checkbox would allow you to remove and disable the default fields you want and don’t want to use. When I unchecked the box and save I still see the options when entering an issue for this project.

What is the visibility checkbox used for and am I using it correctly.
If I am using it correctly why are the options still showing?

Thanks
Brittany