Google proxying your chrome traffic doesn’t give you privacy. It gives google further adtech leverage as they know data about you, e.g. your IP address, that the web site doesn’t. In fact the website probably can’t tie your visit to an identity at all without google then.
IP addresses are very often used to identify the approximate location of the browser. I wonder how geographical access can be limited in that case, if at all. Sounds problematic for some sites.