The docs seem to suggest using alternate approaches.
> Modern systems provide more secure ways to implement a restricted environment, such as jails, zones, or containers.
https://www.gnu.org/software/bash/manual/html_node/The-Restr...
A sibling comment I can't reply to asks if you can do with with unix permissions.
These were really intended for anonymous guest access, or at least often used for this purpose. You couldn't do the same things with the file permissions systems at the time.