No, there are separate licenses for photos, media, and observations. If you go to your Profile and “Content and Display” you will see three separate licenses that you can select. The export of the observation data itself is what is affected by the observation license. An observation with a permissive license will still be exported to GBIF even if the photos have a more restrictive license. Photos are not exported to GBIF. There are other threads, including the one @pisum posted above that go over some of this info.
Here’s another on the forum: https://forum.inaturalist.org/t/can-someone-explain-licensing-to-me-please/2691
This is a good overview: https://www.inaturalist.org/posts/58298-licensed-to-share
The ToS contains relevant info: https://www.inaturalist.org/pages/terms
Some sections of the Help address licensing: https://www.inaturalist.org/pages/help
This is a nice journal post overview: https://www.inaturalist.org/posts/30692-tech-tip-tuesday-understanding-licensing