The owner decides on the Team page, under Projects, with Members can keep projects private. Off, the default, everyone in the team sees every team project.
On, a member can keep a project they made to themselves and the owner: Keep private in the project card’s menu. Share with the team shares it again. A private project shows Private on its card.
The owner sees members’ private projects too, and can keep any of their projects from the team the same way.
Turning the setting off shares every project with the team again.