It is somewhat privacy preserving if "privacy" we don't mean "secrecy" (which is often the meaning in common usage), but, rather "control" and "ownership" (which is also the sense in which one should understand "privacy" in the context of the GDPR, for example).

But, still, all relays will know your IP address (unless you're using some kind of protection outside of the Nostr protocol) and all your activities are public.

Calling Nostr "privacy preserving" and "private property protocol" is rather misleading.