Private relay will egress from the same general region as the client source location. So if you’re in switzerland and hopping through a US exit point that is a bug. This is clearly explained in the wwdc video
At least in the Developer Beta 2
There are clearly some bugs. Occasionally I, in Canada, get routed through the US. This guy got routed through the US. Neither case should happen by Apple's description. Apple is quite intentionally trying to avoid their relays getting around geo-restrictions (likely to avoid them getting blacklisted).
It's supposed to, but that is definitely not currently the case.
If that will be fixed during the beta period is unclear.