How the Update Profile Link Works

Does the 'Update Profile' link essentially allow anyone to subscribe to certain emails? I’m concerned because, in my organization, the newsletters/emails sent are based on membership structure. Meaning that members receive different types of newsletters and updates than a non-member. I would like to customize the subscription categories under the 'Update Profile' link, but I don’t want it to allow just anyone to subscribe. I'd like it to be based on their specific membership plan with my organization. Can you advise on how to set this up properly?