As far as I know, the only entity that can link your IP to your wallet (addresses and transactions) is the server/node your wallet is connected to.
It also depends on the type of wallet we are using. If it is a wallet which are not recommended and close source like Trustwallet, and also if the wallet has privacy policy like Trustwallet, such wallet should not be used. Wallet supposed to be noncustodial, there is no need for any privacy policy than a way to tell wallet user's how to avoid scam and wallet hack. According to the link BitMaxz posted above which I quote disclosing of information to a third party, you can see how Trustwallet developers can handle your information to third party like an organization working with them and also the government.
It is also difficult and rare to find a trusted VPN service.
Why looking for VPN when Tor is most decentralized and free, VPN are centralized.
Yes, the IP address can be tracked either from block Explorers, or when you coincide with your wallet (the knot that connects you will be able to see all your addresses.
That is why it is not good to track a transaction from the block explorer, you can track your transaction on your wallet, to know if it is confirmed or not yet confirmed. Even if you want to track your transaction on blockchain explorer, use Tor.