Privacy and security are distinct concepts, though they're closely related. Privacy focuses on how your personal info is collected and used, while security refers to ways your data is protected from attack. Insecure data cannot be private, but a secure website can have poor privacy practices. Thus, we should consider features of Safari that cover both areas.
Safari's strongest privacy tools tackle address tracking as well as account security and unsafe website behavior. Its cross-site tracking protections try to stop advertisers and third parties from recognizing you as you move from site to site. Private Browsing adds a few layers, including blocking trackers, masking your IP address from known trackers and automatically removing some tracking info from links.
Safari also supports passkeys, which let you sign in with Face ID or Touch ID instead of a traditional password. Passkeys are phishing-resistant by design because creating one is tied to a certain website; they won't work on a fake lookalike page. Apple Pay is also integrated into Safari, so you can avoid entering your card numbers and authenticate with Face ID to use your saved cards stored privately in Apple Wallet.
But for all the good Safari does, it still has limits (as all browsers do). While it will warn you about dangerous sites, it can't verify that every page you visit is legitimate and won't stop you from entering your credentials on a convincing phishing site. It will warn you about poor passwords, and while Apple Intelligence in iOS 27 will be able to automatically set stronger passwords for you, this feature isn't out yet.
Private browsing doesn't hide your activities from your ISP or sites you're logged into, and anti-tracking tools reduce data collection but fall short of stopping websites from collecting data you submit directly. Safari can't protect you from what you decide to trust.