I guess that is more likely the case but at least it gives us an enhanced privacy as compared to using a normal browser without VPN.
No, it doesn't. It probably makes your privacy worse. Instead of all your traffic simply going through your ISP, you are instead routing all your traffic through Opera's server. They openly admit that they monitor it all, keep logs, pass that data to advertisers, and use it to target you with ads. You'd be better off not using it all.
Did some initial review and found out alarming things just like what you've stated, except for ads targeting since i have adblocking extensions installed.
Nevertheless, I think its time to ditch Opera for VPN browsing and would instead use again ssh tunneling for the mean time.

After all, I understand no one is 100 percent safe even with the best security setup on their systems.
Sure, but not being able to achieve 100% safety isn't a reason to expose yourself to unncessary risk. Would you drive with no seatbelt just because you can't be 100% sure you wouldn't die in a crash anyway?
Lol. I get your point. I think its time to find out better alternatives and I'm also considering subscribing to paid VPN service instead.