No and yet, let me explain.
Higher levels will see what lower levels can, and this is true when you use the access restrictions with the meta box in the edit page, or the panels in the General Options page.
That said, you can use conditionals inside your post to say the specific level that'll see the content wrapped in that condition.
WP Admin -> s2Member -> API / Scripting -> Using Simple ConditionalsExample #3: Specific content for each different Member Level.
[s2If current_user_is(s2member_level4)]
Some premium content for Level 4 Members.
[/s2If]
[s2If current_user_is(s2member_level3)]
Some premium content for Level 3 Members.
[/s2If]
[s2If current_user_is(s2member_level2)]
Some premium content for Level 2 Members.
[/s2If]
[s2If current_user_is(s2member_level1)]
Some premium content for Level 1 Members.
[/s2If]
[s2If current_user_is(s2member_level0)]
Some content for Free Subscribers.
[/s2If]
[s2If is_user_not_logged_in()]
Some public content.
[/s2If]
All that said, you could use just Level 1 and separate the groups with custom capabilities, which would allow you to use the conditionals, but also the meta box in the edit panel to protect the whole page and redirect to the Membership Options Page (if that's what you want).
http://www.s2member.com/custom-capabilities-video/I hope that helps.