Default User Profiles and Enterprise Email

I just ordered a Nexus 7 (2013) and I am awaiting it's arrival in the mail. My question is related to profiles and how they work with apps that impose security policies. I have used corporate email in the past on my phone, but removed it because they now require both Exchange security policies and another standalone app that imposes policies as well, with a 2 minute lock delay. I don't need my email on my phone that badly, but wouldn't mind having it on my tablet.

My question is, if I use two profiles, one setup without Enterprise email used as my "at home" (not at work) profile, and a second one setup with the Enterprise email setup and security policies in place that I can switch into at work.

Do the security policies impose their settings on ALL profiles?

Thanks!
furyť™ - not helping the situation since 1987
Enable Moto X LED Charging Indicator (without Tasker)
Current: VZW MM Moto X, Woven Black, Black, Black; Nexus 7 (2013) | Previous: Droid Razr Maxx; Droid X; Nook Color (running CM)