There is a site setting called login required and another called show published pages login required setting, from my understanding, if I enable both of the options, the guest user will still be able to see site content, but my question is, what’s the intention to have the 2nd option? Doesn’t it achieve by unchecking the 1st one?
Or maybe I understand it wrong, can you help me with this?
There is a third relevant setting: enable page publishing
All together it allows you to have a private community site, while also publishing specific pages (such as information for joining, a pricing page, etc.) that may be viewed without logging in.
More details are at:
I hope that provides more context. 
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