You will have to read the terms in whatever license agreement covers the font or fonts you are using. A font's embedding permissions (e.g. "Preview & Print") can reflect your font license (as they should with fonts purchased directly from Adobe), but it is the license itself which dictates what is allowed. In other words, if your license states that PDF embedding is not allowed, but the font's embedding permission setting indicates it is, you must follow the license, not the font settings.
Adobe's own font license (for fonts licensed directly from Adobe, synced from Typekit, or licensed from Fontspring) allows the embedding of a font in electronic documents -- including PDFs and eBooks. The latter must be an EPUB in which the font data is subsetted and obfuscated, or an EPUB-derived file which offers at least as much protection (e.g. Apple iBooks).
Adobe's font EULA also allows print output, of course, and does not distinguish between personal or commercial distribution. Either is fine. But again, you should always be aware of the specific license which covers each of your fonts, because another font foundry or vendor might have completely different license terms.
-Christopher