No, AxCrypt is File Encryption software. It encrypts files (using a password). It is not access control. You can acheive a low level of protection by using windows NTFS file system protection – but it is trivial to by pass by anyone with administrator rights on any Windows computer. In fact, there’s really no “middle ground” between encryption and no protection, or at least very little.
You can also use EFS, which is built in to Windows – but it’s a time consuming process there too to encrypt the existing data, and EFS is a little tricky to use on external drives, you need to export a certifcate and keep it very safe.