Not really. It basically just aims to avoid storing history and cookies on your local computer.
You can improve things with a good VPN that focuses on privacy. I have a paid ProtonMail account and use the ProtonVPN included with it.
Use both the VPN and the private browsing.
I don't really need it, but just for fun my cell phone is almost always using the VPN and routes the traffic through both Iceland and the US.
One time just for grins, I used it to route my path for an ssh connection to a computer across the hall from my office through both Stockholm, Sweden and Tokyo, Japan. It was definitely slower than just using the office network, though.
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[email protected](The above is a valid, but temporary, e-mail address that is relayed to my real e-mail. If it starts getting spammed, I'll just remove it and create a new one and change the signature block. If you want to send me an e-mail, feel free to do so, but be aware that unless you are using something like this, your e-mail address will be exposed to me.)