I tested this again - caffeinated - and am still seeing exactly what I reported before:
1. I gave my test mod zero permissions - none - in my test group (including no "set moderator privileges").
2. I log in as the test mod and go to that same group and look at the member page. The complete notification panel is there and all notifications are available for selection.
So I am still reporting this as a bug, only because I thought Mark had said the filtering had been implemented before - I could be misremembering - and/or suggestion.
If you, Andy, are doing the same sequence and seeing something different, maybe I just need another cup of coffee. Are you sure you're going to the same group pre- and post-logging in as the non-owner mod?
Messages are the sole opinion of the author, especially the fishy ones.