I got the annual privacy update a few days ago. After reading your post, I sent it to spoof@paypal.com . My initial response from them was "delete it...we'll investigate, and will let you know".

My second response from them was...

Thank you for partnering with PayPal to combat fraudulent emails. We
take reports of suspicious email very seriously. Your submission helped
us take the appropriate action needed to protect our customers.

We analyzed your report and determined that the suspicious email does
not appear to be fraudulent. While this one may not be fraudulent, we
appreciate you taking the time to report the suspicious email.