Google writes on its blog (the claims about privacy are theirs):
Coming soon: Increase your online security with the VPN by Google One With one tap from the Google One app, you can encrypt your online activity for an extra layer of
protection wherever you're connected.
Extend Google's world-class security to encrypt your Android phone's online traffic - no matter what app or browser you're using
Stream, download and browse on an encrypted, private connection
Shield against hackers on unsecured networks (like public Wi-Fi)
Hide your IP address and prevent third
parties from using it to track your location
Privacy and security is core to everything we make.
Google will never use the VPN connection to track, log, or sell your browsing activity
Our systems have advanced security built in so no one can use the VPN to tie your online activity to your identity
Don't just take our word for it. Our client libraries are open sourced, and our end to end systems will be independently audited (coming soon in 2021)