Create Space from Project

I do have a space with a certain team. I want to elevate a project out of this space, by using the function create space from project.

Issue:

When I do, it seems, that it only gets another "flag" or something, but is not a separated space itself. I want to change the people working on it. But:

1.  The project still exists in the previous space
2. The items are the same. I cannot delete or change status in the projects at its first place (under the 1st space). It affects the items in the newly created space as well.
This function doesn't help at all, if it doesn't create a new space without any ties to the previous project within the old space.