I see a few comments saying that Schnorr signatures will result in making public keys indistinguishable from the transactions and the amounts involved will be invisible, making bitcoin more private. This seems to be a myth as this is not the effect neither the intent of Schnorr induced privacy feature, AFAICT.
Correct, those would require hard fork changes to Bitcoin like the implementation of
RingCT in Monero and/or
CT on the Liquid sidechain.
Taproot will not hide the actual address/ transaction amounts involved.
True, but combined with Schnorr signatures, there are some pretty interesting applications. One could atomically swap from Bitcoin to a different cryptocurrency,
but all an observer could see on the blockchain is a simple payment.
That opens up a whole new world for output mixing and amount obfuscation via private payment channels and atomic swaps.