Still protects you from hijacking at public wifi hotspots. Doesn't let you watch geolocked content (US Netflix), and probably doesn't let you torrent either.
In terms of privacy? Definitely not. With Tor, it's extremely hard to trace a packet from end to end but in this case there is a high chance that Cloudflare is both your VPN provider and the CDN for the site you are visiting meaning they could theoretically know exactly who is looking at what.