Yes, as soon as you create an account, all users on your device will have full access to everything in your account's Settings menu. You can revoke this privilege anytime by going into Settings and unchecking Parental Controls. Parents also have the option to completely block children from using the app with just one click by checking the Block Child Account.
Of course, if you're not looking for parental controls but want a private experience, you can go into Settings and toggle off Chat With Others to disable all chatting features.