How to mass apply No Access to all folders but one for a specific user account only?
Any access on macOS is running with the credentials of the user owning a process, so you can't prohibit user access to e.g. ~/Documents or ~/Library while still allowing applications started by the same user from accessing content stored there. I've never tried but removing user access from ~/Library most likely will even prevent the user from logging in (in a probably unpleasant way).
This is vastly different from sandboxing on iOS where each app basically has it's own sandboxed space within the filesystem (which ensures that app A can't access data of app B unless both are coded specifically to support this) and where app-specific preferences etc are stored within the sandbox itself.