It's worse, because the local ISP is more trustworthy and additionally you enable cloudflare for large scale profiling. And don't claim they won't do it, it's just a matter of time
Trusting your ISP, even in a country with data protection laws like Sweden, is naive. I'd much rather trust a company that tells me "this is the data we store. This is the data we share with APNIC and no-one else".
This should be, if not illegal at least highly problematic in the eyes of the law. At best the ISPs got a "better behave, because next time ...".
All ISPs have data sharing with "selected partners to ensure service quality" which, at least until GDPR, meant basically that they could sell data.
Whereas cloudflare states that the 1.1.1.1 data will only ever be shared with APNIC in anonymised form (which they define). Cloudflare defines what data they share for 1.1.1.1 users, which my ISP does not. I trust cloudflare, at least right now. If they were to change their retention policies and agreement I would maybe reconsider.