So two hops, basically. First hop sees your IP address but not the website you're going to, second hop sees website but not IP address. Similar to Private Relay: <a href="https://support.apple.com/en-us/102602" rel="nofollow">https://support.apple.com/en-us/102602.
They don't even need to. If you observe enough of them you can correlate traffic patterns between them and find out which one is used by which endpoint
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