@Ajkosmo34 , in a recent update, ‘Team only’ is no longer an option. Instead you need to invite Teams as members so that the project is shared with thst Team and also appears in that Team’s page. i.e. a project can now appear in more than one Team.
You can read more about this change here:
The setting you refer to within the Admin console is the default access settings for newly created project, which basically, upon creation, shares the project with the Team that the project is created in.