It's marginally better... but not by much. If privacy is that much of a concern, then it's feasible to roll out your own version of JS challenges, delay functions, & captchas, but that's additional complexity that could otherwise be farmed out to Cloudflare themselves or another provider.
Ideally, a self-hostable instance with an exposed API would be preferred, but the captcha for such an instance would be reverse engineered & subsequently broken, rendering it worthless.
4chan bans VPN ip ranges, so it's definitely not an anonymous site or even trying to be beyond connecting front end posts back to users as non corps/gov.
Ideally, a self-hostable instance with an exposed API would be preferred, but the captcha for such an instance would be reverse engineered & subsequently broken, rendering it worthless.