I'm not speaking in any official capacity, but to at least get the conversation started off with data, here's Google's public FAQ regarding the Fonts API privacy policy:
https://developers.google.com/fonts/faq#Privacy
What does using the Google Fonts API mean for the privacy of my users?The Google Fonts API is designed to limit the collection, storage, and use of end-user data to what is needed to serve fonts efficiently.
Use of Google Fonts is unauthenticated. No cookies are sent by website visitors to the Fonts API. Requests to the Google Fonts API are made to resource-specific domains, such as fonts.googleapis.com, googleusercontent.com, or gstatic.com, so that your requests for fonts are separate from and do not contain any credentials you send to google.com while using other Google services that are authenticated, such as Gmail.
In order to serve fonts as quickly and efficiently as possible with the fewest requests, we cache all requests made to our servers so that your browser only contacts us when it needs to.
Requests for CSS assets are cached for 1 day. This allows us to update a stylesheet to point to a new version of a font file when it’s updated. This ensures that all visitors to websites using fonts hosted by the Google Fonts API will see the latest fonts within 24 hours of their release.
The font files themselves are cached for one year, which is long enough that the entire web gets substantially faster: When millions of websites all link to the same fonts, they are cached after visiting the first website and appear instantly on all other subsequently visited sites. We do sometimes update font files to reduce their file size, increase coverage of languages, and improve the quality of their design. The result is that website visitors send very few requests to Google: we only see 1 CSS request per font family, per day, per browser.
We do log records of the CSS and the font file requests, and access to this data is on a need-to-know basis and kept secure. We keep aggregated usage numbers to track how popular font families are, and we publish these aggregates in the Google Fonts Analytics site. From the Google web crawl, we detect which websites are using Google Fonts, and publish this in the Google Fonts BigQuery database. To learn more about the information Google collects and how it is used and secured, see Google's Privacy Policy.
For further technical discussion of how Google Fonts serves billions of fonts a day to make the web faster, see this earlier tech talk from the Google Developers YouTube channel.