Google's FAQ [1] says that it only collects the information needed to serve fonts, but it says the generic Google privacy policy applies. The Google Privacy Policy allows them to use any information it collects for advertising purposes.
While Google also states that requests do not contain cookies, Google Chrome will automatically send a high-entropy [3], persistent identifier on all requests to Google properties, and this cannot be disabled (X-client-data) [2]. Google can use this X-client-data, combined with the useragent's IP address, to uniquely identify each Chrome user, without cookies.
So, perhaps the privacy statement is more of a sneakily worded non-denial?
[1]: https://developers.google.com/fonts/faq?hl=en#what_does_usin...
[2]: https://github.com/w3ctag/design-reviews/issues/467#issuecom...
[3]: A sample: `X-client-data: CIS2yQEIprbJAZjBtskBCKmdygEI8J/KAQjLrsoBCL2wygEI97TKAQiVtcoBCO21ygEYq6TKARjWscoB` - looks very high entropy to me!