So if someone says the airport is limited to Class A&B aircraft, the assumption is that IFR approaches are the limitation and that a VFR approach would not have that restriction.
Assumption doesn't become us, does it?
Don't assume. The NOTAM is clear. It doesn't provide a weight restriction. It does provide specific guidance as to what will and will not be allowed to operate into the airport during the specified time. The NOTAM specifically states that aerodrome, or airport, is closed to aircraft not meeting the specifications of the NOTAM.
ARC is Airport Reference Code. ARC IIB airport classification represents the "most demanding" aircraft that are anticipated to use an airport. It describes aircraft with approach landing speeds less than 121 knots, and a wingspan up to but not including 79'.
The ARC does not establish, and is not, an instrument approach category classification. It's an airport classification, typically describing the standard to which an airport is built or planned, given the nature of the aircraft anticipated to be using the field. The ARC doesn't provide a restriction; it's simply a descriptive number. Aircraft with larger wingspans and faster speeds aren't necessarily barred from using an ARC IIB field...because it's a design classification, and not a restriction.
In this case, however, the NOTAM provides the restriction.
Aircraft meeting ARC IIB may use the field, provided they have an approach speed of 121 knots or less and a wingspan less than 79.
VFR or IFR is irrelevant.