Yes.  If the work is for a private contact then by default the work will be private to the client team.

In addition, the work item assignee and the members of the work team —any other colleagues with assigned tasks, notes or emails within that work item— will have access to the private or hidden work.

Important Note:  
You can't make an individual piece of work private at this stage in Intuit Practice Management powered by Karbon

Further reading:
Overview of Privacy
Video overviews of Privacy

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