No, it isn't massive for privacy.

It's hardware-bound, meaning at a minimum who you're communicating with and when will always be known, today and in the future.

And I haven't seen anything showing that it has Perfect Forward Secrecy, so all someone has to do is save the messages and if it's ever cracked, they'll know exactly what you said, when, and which device.

It's a feel good to make people think something is being done, when it's far from "good".

BTW, hardware-bound ID was determined to be a bad idea 40 years ago. Even SPX moved away from it in the 90's.