Not just meaningless, but worse than before. Previously it was case of Trezor being able to link all your addresses together and link that information with your IP address. Now it's still a case of that, but also feeding some or all of those addresses to a blockchain analysis entity and then associating your entire wallet with whatever nonsense that blockchain analysis entity tells them. And given what we know about how much blockchain analysis entities like to sell data, I think it would be very naive to assume that such analysis will not end up in the hands of other entities and businesses.

I've been pretty unimpressed with Trezor since they took no steps to warn their users about the unfixable seed extraction attack, and this complete disregard for their users' privacy is another step in that direction.

I'm not sure how. Either you need the owner to sit beside their computer/Trezor device the entire time and manually approve each transaction, or you need to introduce some piece of software which can automatically sign transactions (or extract the private key and store it temporarily in a hot wallet), which defeats the very purpose of a hardware wallet. I guess we'll have to wait and see what they've come up with.