Google is going to bring 'Private Space' feature in Android 14. This privacy-focused feature is said to remove the dependency on third-party apps to hide apps, files, photos/videos on the phone from other people. For this, it is said that this feature will create a separate profile for such content and data. In that case, the profile you use normally and the profile with hidden content will be different.
According to X user Mishal Rahman, the necessary settings for this have been found in beta one of Android 14. He mentioned about the working of this feature along with the screenshot of this setting in X. However, this type of feature is already available in Huawei and Oppo phones. Similarly, the feature of 'Secure Folder' in Samsung's One UI is also similar. But it does not create a different profile.