Here is the code I used in my bp-custom.php

//Add visibilty by member type
add_filter( 'bp_xprofile_get_visibility_levels', 'buddydev_add_member_type_profile_visibility' );

function buddydev_add_member_type_profile_visibility( $visibilities ) {
 
    $member_types = bp_get_member_types( array(), 'object' );
    // If there is no registered member type, return the original visibilities.
    if ( empty( $member_types ) ) {
        return $visibilities;
    }
 
    // Add our member type as visibility levels.
    foreach ( $member_types as $member_type => $member_type_object ) {
        $visibilities[ $member_type ] = array(
            'id'    => $member_type,
            'label' => $member_type_object->labels['singular_name'],
        );
    }
 
    return $visibilities;
}

function buddydev_get_hidden_visibility_types_for_user( $hidden_levels, $displayed_user_id, $current_user_id ) {
 
    $member_types = bp_get_member_types();
 
    // If user is not logged in
    // All member type visibilities will be hidden.
    if ( ! is_user_logged_in() ) {
        $hidden_levels = array_merge( $hidden_levels, $member_types );
    } elseif ( ( $displayed_user_id == $current_user_id ) || is_super_admin( $current_user_id ) ) {
        // Do not hide anything on own profile or viewed by super admin.
    } else {
        // User is logged in and viewing other user's profile.
        $logged_member_types = bp_get_member_type( $current_user_id, false );
        // except current user's member type, all other levels will be hidden.
        if ( $logged_member_types ) {
            $member_types = array_diff( $member_types, $logged_member_types );
        }
 
        $hidden_levels = array_merge( $hidden_levels, $member_types );
    }
 
    return $hidden_levels;
}
 
add_filter( 'bp_xprofile_get_hidden_field_types_for_user', 'buddydev_get_hidden_visibility_types_for_user', 10, 3 );