When I go into a members profile, their email address appears under Contact Information (email)

Is this viewing of the email address only for Admin/Mods or is it also viewable for all members to see each others email addresses? If it's viewable for all, how can this be changed?

Yes, it's hidden - always a good idea to have a test account to check these things out yourself. Log in as the test account and see what the members of non-admin/mod groups can see.