The node-fetch function does not use the ezpublish legacy right-system nore the visibility.
e.g .

{def $node = fetch( 'content', 'node', hash( 'node_id', 123) )}

How to reproduce:
1. create a new section
2. create a new folder and assign the new section
3. integrate some code in your pagelayout.tpl to view the folder node

{def $TMPNode = fetch( 'content', 'node', hash( 'node_id', <Folder-Node-ID> ) )}

{$TMPNode|attribute( show, 2 )}

If you do the same with fetch( 'content', 'list' [...]) the right system an the visibility are used.

We are able to reproduce this von eZ Publish 4.7 to 5.4