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It says Private right in the name, but on launch it immediately phones home to GitHub and some VPSes.

Private from youtube as in you do not need a Google account

YouTube.com doesn't require an account either. What exactly is this buying us that you don't get from just opening the site in incognito mode?

But without account on youtube.com you cannot subscribe to channels. With FreeTube you can. And also it is open-source[1]

Once upon a time browsers had a way to bookmark web pages and nobody knew it but you.

Browser bookmarks != Youtube subscriptions

all youtube channels can be added as RSS feeds natively.

You can still subscribe to channels and create playlists. All of this is stored locally without an account.