The threats to privacy with YouTube are different from PeerTube's. In YouTube's case, the platform gathers a huge amount of your personal information (not only your IP) to analyze them and track you. Moreover, YouTube is owned by Google/Alphabet, a company that tracks you across many websites (via AdSense or Google Analytics).
The video quota only takes into account the size of <x id="START_TAG_STRONG" ctype="x-strong" equiv-text="<strong>"/>uploaded<x id="CLOSE_TAG_STRONG" ctype="x-strong" equiv-text="</strong>"/> videos, not transcoded files or user export archives (which may contain video files).
The worst-case scenario of an average person spying on their friends is quite unlikely. There are much more effective ways to get that kind of information.
This instance allows registration. However, be careful to check the <x id="START_LINK" ctype="x-a" equiv-text="<a class="link-orange terms-anchor" (click)="onTermsClick($event, instanceInformation)" href='#'>"/>Terms<x id="CLOSE_LINK" ctype="x-a" equiv-text="</a>"/><x id="START_LINK_1" equiv-text="<a class="terms-link" target="_blank" routerLink="/about/instance" fragment="terms">"/>Terms<x id="CLOSE_LINK" ctype="x-a" equiv-text="</a>"/> before creating an account. You may also search for another instance to match your exact needs at: <x id="START_LINK_2" equiv-text="<a class="link-orange" href="https://joinpeertube.org/instances" target="_blank" rel="noopener noreferrer">"/>https://joinpeertube.org/instances<x id="CLOSE_LINK" ctype="x-a" equiv-text="</a>"/>.