Yes, Content View Restriction is applied to to the feeds. If a post is allowed for the role, visitor without that role will not see such post as at the ordinal posts list and at the feed.

Upcoming version of URE Pro includes ‘No role for this site’ option at the roles list for the “Content View Restriction” section. It will be useful for your purpose to show separate posts list for the not logged-in users.
Development version is available for download after login from the same
download page:

They should see the complete RSS-feed. Even when they are not logged in…

I’m afraid that it’s difficult to differentiate who from not logged in visitors have permission to see a post, and who does not have such permission. User should login to your site to get needed content.