My impressions from the research community have been that the consensus is 1. Using Tor is more private (and possibly more secure) than a VPN or nothing at all, 2. Tor will not protect you from a targeted attack by a well-funded, state-level adversary, 3. It may or may not defend you against more dragnet types of attacks, depending on the state of the cat-and-mouse between offense and defense (it most likely will protect you on any particular session, but the more you use Tor, the more likely you'll use it while an attack is viable in the wild).
So far though, the overwhelming majority of attacks on Tor users comes from things that aren't Tor itself --- e.g. Firefox vulnerabilities, timing side-channels on when the user was home, etc. Additionally, if you're not doing anything illegal, you're less likely to be targeted on Tor. Not that this is to say "if you're not doing something illegal you have nothing to hide!", just that your adversaries are likely not powerful or motivated enough to target you on Tor if what you're doing isn't illegal. Even in places like China, where every attempt to block Tor is made, they typically don't spend much effort in targeting those who do try to use Tor. This means if your motivation for Tor is to do things like stop web site trackers, it's not only a good option, it's probably the best available.