I think it has more to do with the network peering arrangements of the VPN host more than privacy. At least that would be the benefit from my point of view.
If my ISP has a poor path to (for example) Netflix, but my VPN provider has a good (unsaturated) path, it could be advantageous. But this requires my ISP to have a good connection to my VPN provider.
I have a Plex server in Canada with OVH and on my local connection it worked fine for years to stream movies and TV. Even 1080p stuff worked fine. Then it appears that CenturyLink started shaping port 32400. So I got a 5 dollar droplet on Digital Ocean (SF) and now use that for a VPN. Plex works fine. I can switch the VPN on and off and it makes a huge difference. Without the VPN it is constant buffering.
If my ISP has a poor path to (for example) Netflix, but my VPN provider has a good (unsaturated) path, it could be advantageous. But this requires my ISP to have a good connection to my VPN provider.