Shared iCloud Storage
Does it make iCloud stored items accessible to entire family in plan
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No. See the following from Share an iCloud storage plan with your family - Apple Support
When you share a storage plan, your photos and documents stay private and everyone keeps using their own accounts with iCloud—just like when you have your own storage plan. You simply share the space available in the iCloud storage plan with your family members, so you only have one plan to manage.
You can however still share selected things if you want to in the same way that you could if you were not sharing storage. For example, see: Share folders with iCloud Drive - Apple Support and How to share albums in Photos on your iPhone, iPad, and Mac - Apple Support