This document only applies for BuddyPress profile Visibility Manager version 1.2 or above.
If you have installed and activated BuddyPress profile visibility Manager plugin, you can access the admin settings from Settings-> Bp Profile Visibility sub menu as shown below.
Once you click that you will see the page to configure default privacy settings for various options. You can manage the default configuration here.
It applies to new users( All settings applies to a new user who registers after the activation, For existing user who have not set their privacy , only Friendship request and who can see the profile settings applies by default).