Note that this is not a new announcement! I moved it from Feature to Announcements which triggered the notification to everyone. Many apologies for the noise! I’ll be sure to avoid that in the future.
I came across this topic today when helping a customer with the legal admin settings. The guidance in this announcement is still accurate regarding the Terms of Service and Privacy notice. Some people find it confusing so internally I also reminded colleagues that we may like to improve the UX around how to add or remove the boilerplate templates.