Well that’s the political pitch. But there’s not a shred of actual evidence to support the claim that the EU cares about privacy at all.
https://www.eff.org/deeplinks/2020/10/orders-top-eus-timetab...
https://www.ejiltalk.org/a-dangerous-convergence-the-inevita...
The only thing it regulates is industries that the EU has failed to become competitive in.