Answer
Not exactly — the access error when opening the record directly happens because the presentation object for that screen (e.g. the RFQ window) hasn't been granted to the user. But Application Search results are driven by whether the user has access to the underlying database objects/records, which is a separate layer of security from presentation-object grants — a user can have (direct or indirect) database-level access to certain records without having been granted the actual screen used to view them normally. If search results are surfacing data a user shouldn't see at all, check for unintended direct or indirect database-object grants on that user's permission sets, rather than assuming Application Search itself bypasses security.