View Members of Private Spaces

We have private spaces that require approval to join. But we would like anyone that hasn't joined to see the members that are part of that space. There is a checkbox that looks like it would make members viewable to anyone but it doesn't do anything when you set it to Anyone or Logged in Users.

Is the "Who can view space members" intended to allow members outside of the space to view members in the space? If so, can this be fixed so that it works.