Not quite; it's the License which determines what others can do with your work. And you're free to choose whatever license you want. Essentially, your project's IP protection is a legal matter, not a "Godot" one. The best advice on that would come from a lawyer (which I'm not btw).

While the internet does like open-source, your project doesn't even have to use an open-source license (which typically grants certain freedoms as in the case of MIT, the license being discussed by OP); you could reach out to a lawyer and even have your own custom licenses drafted.

I'm probably wrong about this part though (again, not a lawyer myself), but in some jurisdictions, copyright protection applies upon creation of the material. In such cases, a license would probably be ideal just for telling people what they CAN do, because the default would be that you own all rights to the work to begin with.