SYMPTOM:
Users can gain access to the Strategy Web Preferences menu when they are granted the privilege "Web change user preferences" from the Web Reporter group in Strategy Web. Users can then apply changes to their preferences in the projects that they have the privilege granted.
However, users can apply any changes in privileges to all projects using the button "Apply to all projects on the current Strategy Intelligence Server (SERVER)" , shown below, even if they don't have that privilege granted for all projects.

CAUSE:
This is a known enhancement with Strategy Web.
ACTION:
Currently this enhancement is still being reviewed for feasibility by our Technology team and it is not scoped for any upcoming scheduled Strategy release.
The Strategy Internal Reference Number for the issue discussed in this technical note is 998286.