I have been using Gboard for years and I try to disable all the possibilities where Google can track us which may not give complete privacy but better than letting them know everything about us.
AFAIK, Google doesn't collect user data from keyboard unless the user enabled the next word suggetion so these small tweaks can give better internet security.
Presuming you are using Android. The keyboard Google offers is very bad. It is Closed Source and no body can guarantee the information never leaves toward their servers.
Use OpenBoard instead. It works and looks just like Google Keyboard but is Open Source. This guarantees you do not have information leaking through stupid 'features' such as data collection.
You can find OpenBoard here.
https://f-droid.org/packages/org.dslul.openboard.inputmethod.latin/I tried many keyboards but none of them are convenient as Gboard and if I am not it is the default keyboard for most Android devices.
Whatever I type something sensitive then I opt for the virtual keyboard whether it's entering seeds in electrum or logging into my internet banking that completely eliminated the concern we are talking about apart from that I just use Gboard in all my android devices.