No less privacy than logging in to whatever service you need in the first place.
If your really concerned about privacy get proactive, old phone in drawer root it, install a hardened droid os, keep it in flight mode, only connect to trusted WiFi and only install the authenticator app of choice (preferably side loaded and app store is neutered)
By and large this is a good thing for Corp it (phishing and rat attacks will be less effective), and power users will bother for personal accounts, aunty Doris will still rely on rover1966 for everything and be shocked and horrified that the nice African Prince she's been emailing is in fact a scam
Biting the hand that feeds IT
