It's context dependent, but I do like the difficulty setting analogy. Like the pact of punishment in Hades, except you don't get extra rewards.

In one abstract example there'll be a discussion of why x group are so sensitve about y. Instead of saying "check your privilege" I say something like "maybe their tired of having to worry about z? When was the last time you had to think about z on a day to day basis?", asking genuinely and waiting for response, not just asked rhetorically.

Advantage has worked for me. I mean someone saying that to me instead of privilege.

Privilege just invokes the idea of 'fat cats' in a dark hunting lodge smoking stogies and sipping whiskey, complaining about commoners.