Earlier quoted context omitted.
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And a VPN leaks a lot of information about your network activity to the operator, so by your standard it is privacy theater. Do you see why you’re coming across as having inconsistent standards and thereby perhaps an axe to grind? iCloud Private Relay is used for all network activity from Safari which does not seem like a “limited amount of activity.”
A VPN isn't designed to keep your IP address hidden from the operator. iCloud Private Relay doesn't hide your IP address from Apple either. That's not the point, and everyone knows this in advance. The point is to keep your IP address hidden from the request destination servers.