Which would make a no kyc exchange better than p2p deals? 
Or would mean that you're safer if you stop trading real bitcoins and just play with derivates with your own bank if they start offering it.
The risk associated with an exchange is not only privacy related, the most primary risk is the funds you have in it. A no KYC exchange is still centralized and still has completed control of your funds for the duration of time that it is on their platform; "not your keys, not your coins".Or would mean that you're safer if you stop trading real bitcoins and just play with derivates with your own bank if they start offering it.
In a decentralized, P2P service, you are always in control of your funds and at no time do you give that up to the exchange or any other party until the trade is done.