I use a company Mac so like to keep my EN private, knowing that my computer could be taken at any time.
You can encrypt your data on the mac by creating an encrypted sparse bundle and pointing EN to it by symbolic link. That works fine for me. I have created a couple automator routines to check if the sparse bundle is mounted before opening Evernote. This protects the clear text notes.
The problem is that if you launch EN without that sparse bundle mounted, it will just recreate the com.evernote.evernote folder in the default location automatically. This is where logging out when you close the app would be helpful. You can do it manually, but it would be nice if there was a preference to just make that happen when you quit.
By the way, I disconnected and logged out. I was still able to re-open EN and sign in without connecting again. Maybe this is no longer the case.