As it says, the view IP and view readers are separate permissions ;
Quote:
There are settings for the following (in vBulletin Options > Who Has Read a Thread) ;
1. Turn the system on/off.
2. Restrict the display to certain usergroups
3. Restrict the IP display to certain usergroups.
4. Restrict the display to a set number of days.
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So yes, just set it up correctly in the settings.