No, it won't hide player options in the builder, it will just prevent them from reading the compendium if they only have access via content sharing on your campaign (ie, if they're also in a separate campaign that hasn't turned content sharing off, or if they own the book, then you can't prevent them from reading it via those means). But it's impossible to turn off any options in the actual character builder, shy of things that have preference toggles, like MtG or Critical Role content.
If I hide the content of TCoE from my players, will it also remove player options, (class features, magic items, etc.) or just the compendium content?
No, it won't hide player options in the builder, it will just prevent them from reading the compendium if they only have access via content sharing on your campaign (ie, if they're also in a separate campaign that hasn't turned content sharing off, or if they own the book, then you can't prevent them from reading it via those means). But it's impossible to turn off any options in the actual character builder, shy of things that have preference toggles, like MtG or Critical Role content.
Birgit | Shifter | Sorcerer | Dragonlords
Shayone | Hobgoblin | Sorcerer | Netherdeep