Is Nostr equally as private in terms of IP? From what I understand, relays can see you IP address right?
I'm new to Nostr so I can't answer whether relays can see your IP but Signal's servers definitely can see your IP. Other users can't unless you do a video call and you can force Signal to route through their servers for video calls if you want to protect your IP (though non-contact video calls are routed this way automatically).
If you're connecting to your relay via clearnet then yeah they'll be able to see your IP. There are a number of relays that support tor. https://github.com/0xtrr/onion-service-nostr-relays