How to best use Segmentation (limited by Smart Lists) for Dynamic Content

Question: I have a segmentation set up in our instance by degree program (we're at a higher ed institute, but the equivalent analogy would be setting up segmentation by industry). The segmentation criteria is set to all records in our instance, regardless of if they are a record from 10 years ago or 10 days ago. 

I want to send a campaign to a limited criteria of records (example: 3 of our degree programs; records created in the last 2 years) but then use dynamic content within the email to speak to each degree program uniquely. 

If I set up my program as usual (with sending campaign pulling in the smart list for the limited audience (3 degree programs, records created in the last 2 years), and then apply my segmentation to the email template itself to pull in dynamic content, will the campaign only send to the limited audience (which is what I want) or will it send to everyone in my segmentation?