This is only partially true, because I can use Electrum or some other wallet that maybe have records of my IP addresses and transactions, but they are not sharing that info with any partners of parties that pay more, and they don't keep this data for five years.
You have absolutely no way of knowing what the owners of the random Electrum servers you connect to are doing with the data they gather from you. Some servers are being run directly by blockchain analysis companies.
In Trezor hardware wallet used with Trezor Suite app I can disable sending of all information (in settings) and I can enable Tor to hide my IP address.
Even although Trezor say they don't collect these things, you are still using their servers to update your addresses and transactions and so they could keep logs if they wanted. Just like a VPN, you cannot verify what they say. And you can connect any wallet over Tor if you want.
If you want privacy, then you have to run your own node. There is no other way around it.