The new profile also introduced a feature that allows users to hide the connection between your accounts on different SE sites. The description of the feature is the following:
Choose which communities will appear in the Communities and Top Network Posts sections of your profile
Hiding a community means other users will not see it in your Communities list and Top Network Posts. It does not, however, mean your activity here is completely private. Moderators and Stack Exchange employees can see your list of hidden communities. Other people may also be able to associate your presence on those communities with your public list in certain cases (via the API, for example).
New sites that you join will be linked to your other communities by default.
This description is seriously misleading. While it acknowledges that it doesn't offer true privacy, it does imply a certain difficulty of piercing the protection. Mentioning "in certain cases" implies that the feature does protect your privacy in all other cases (from non-moderators). Mentioning the API as example does imply that you need to do some coding or at least some non-obvious steps to find the hidden connections.
But the actual privacy this feature provides is essentially non-existant. The network profiles still contain all connections between the accounts, and there are two prominent links on the user profile to the network profile. You don't have to be a moderator or use the API to find the connections to hidden accounts, you simply have to follow a single link on the user profile.
As my previous feature request to remove the link to the network profile wasn't implemented, I think at least the misleading description should be changed. The text should explicitly state that you can discover the connections between the accounts just by following the link to the network profile.