Can admins create user fields that are only visible/editable in the admin panel?

I wasn’t sure about this either but found a couple of clues…

It makes more sense next to the companion setting Public user custom fields:

And they have to do with who can access which records via the API:

Interestingly, the fields above don’t seem to select from available user custom fields, but take any text input – so you’d have to enter the field names precisely read this doc carefully.