In the 10/19/19 update, Canvas added eyeballs with slashes through them to indicate when students can't see a tool. This was done to clarify the previous navbar, which inconsistently used bolded text to indicate visibility. In other words, this change was made explicitly to clarify what students can and can't see.
However, Settings and Analytics Beta (and possibly others that I don't know about) do not have slashed eyeballs, even though students can't see them. This has already led to me having to reassure a faculty member that students can't see those items (and it's 9 am on the Monday after the release). This faculty member did not know about Student View (as most don't, in my experience) and so didn't know how to check for themselves. They were worried students could change the settings of the course or see how other students were performing in the analytics.
My idea is that all the tools that can't be seen by students should have the eyeball with the slash through them to be clear and consistent, especially for instructors who are not super users or are new to Canvas. This should apply even to those tools that can never be seen by students because many faculty don't know this.