Yes. From a technical standpoint, archive.is' stance is that it's actually important useful data that, more importantly, isn't a privacy violation. How much you agree with archive.is depends on a very technical understanding of the subject, or barring that, it depends on how much you buy Cloudflare's reasoning. Cloudflare's business would prefer you pay for Cloudflare (at large but specifically their anycast) instead of using an optimization available to you as a Internet business to route clients to a more optimal/closer server.
As far as the privacy implications, remember that the site you visit needs to know your IP address in order to respond to your request, so while there are some issues to be aware of, it's kind of hard to see it as a privacy violation and not Cloudflare trying to squash the little guy, imo.