Hello,

I saw the screenshot you attached.

1) You can try adding the privacy policy page link from Appearance >> Customize >> Woocommerce >> Go Further.

Screenshot for Clarification: https://prnt.sc/103fkhx

2) And you can change the text from Theme Settings >> Login/Register.

Screenshot for Clarification: https://prnt.sc/103fjt8

Regards.
Xtemos Studios.