In short yes.
You can not link your bank account, which is "safer" but not what PayPal wants you to do. In this method, you attach a card, like the bank's debit card, to PayPal and keep clicking to not link your bank account. It will not change any service PayPal does. You will still have a PayPal wallet, but now if you lose that card, you can cancel it, which will also halt all payments on PayPal. You can still have PayPal send you money from your PayPal wallet by doing a lesser known trick of having $25+ in your PayPal wallet and having them send you a check. However, you will be required when sending funds to people, since it's through a card, to pay a fee (even when it's a gift).
If you link your PayPal wallet to your bank account directly (routing number, bank account number and all that), then you will essentially have another bank wallet (checking, savings, paypal wallet). However, if your child makes a purchase on PayPal, the only way you can stop it now is to file a Complaint through PayPal's services, and notify your bank, and it's more of a hassle from what I understand. The only benefit from linking the two together is fee related:
1. Send money as a gift to a friend's paypal wallet from your bank account (not your wallet) costs no fee. [It costs no fee if the money is in your wallet, so, not a real bonus really and still has limits of fund transfers on it.]
2. Sending money from your paypal wallet to your bank account costs no fee, but is subject to money holdings while the banks and what not verify it- taking anywhere from 2min to 2 weeks for you to see that money.
I, personally, operated my PayPal for FOREVER as just a way to purchase stuff on eBay and had it linked to my bank's debit card. Any money in my wallet, always went back to eBay purchases. The only reason I have them linked now is so I could send my friend 50$ a couple of years ago for a hotel room.
Keep in mind, allllll of this is different if you're applying for a PayPal Business account, and not a Private.