Ask HN: Can a privacy policy comply with laws without guaranteeing any privacy?

Does a privacy policy need to guarantee a certain amount of privacy, or can it simply say you have no privacy and still be compliant?

For example, this privacy policy says you have no privacy:

https://lobste.rs/privacy

I'm not familiar with the site. I found it by searching HN about privacy policies and I was wondering if this is just snarky or whether it's actually okay to do.