I route through my server or my home router when using public WiFi and stuff. I don't care too much about the privacy aspect, my real identity is attached to my server and domain anyway. I even have rDNS configured, there's no hiding who the IP belongs to.
That said, server providers are much less likely to analyze your traffic because that'd be a big no-no for a lot of companies using those servers. And of course any given request may actually be from any of Lemmy, Mastodon, IRC bots or Matrix, so pings to weird sites can result entirely from someone posting that link somewhere.
And it does have the advantage that if you try to DDoS that IP you'll be very unsuccessful.