TYPE - Who can view

Well since it's on submission i can only see one advantage. That the user see's the type and what fields he could submit to it if he had access (or subscription).

It is the "default" access group for the submitted article.

For example, you have private profiles type... and full view should be visible to author and admin only.

Use case is support ticket system. It is when articles are viewable only by specials and authors(submitters).

There is another parameter in section "Who can view restricted records" means in the list. By default everyone can so even special article will eb in the list just not accessible for other users and this parameter can hide those article in the list.