WhyFi

Yup, but, again - there are multiple privacy settings -

• There's profile privacy - if a stranger navigates to your profile page, you can either let them see very basic info or you can let them see all of your rides, pics, etc.
• There's ride privacy - your rides need to be visible to everyone if you want your ride to be eligible for Segments, group leader boards, challenges, etc. This doesn't override the profile page privacy, though. The only way that someone would see one of your rides is if they followed a link back from a Segment PR or a ride challenge (like the monthly Fondo challenge) or something of that nature.
• Flyby Privacy - the one people seem to find the most creepy. It's easy enough to turn off. Doing so would mean that anyone that sees you out and about would have to physically tail you all the way home, yet your rides would still be eligible for group leader boards, Strava segments, etc. as long as your rides are visible to everyone. In theory, someone could see you and track you with Flyby off if a) they knew you did a particular segment, b) they were a premium member and could see the daily segment leader board c) the segment wasn't too busy that day d) your profile pic was very recognizably you.
• Privacy Zone - gives you a radius so that your ride doesn't start/stop on your doorstep. Not very useful in more rural areas, and even in residential areas, someone could probably narrow it down to one of a few houses with little bit of mathing. I've heard that you might be able to use overlapping privacy circles, to make things a little less obvious, but I haven't tried it.

If someone is concerned about privacy, but still wants to take advantage of the leader boards, segments, etc - essentially the stuff that makes Strava Strava - probably the best combination would be to set:

Profile: only visible to followers
Rides/activities: visible to everyone
Flyby: visible to no one
Privacy zone: a circle or three in your vicinity