Forum Discussion
Excel Privacy Level Dialogue Box on data refresh - Making the right selection
I guess Microsoft "dead" link shall be on this support page Set privacy levels (Power Query) - Microsoft Support
In addition to Lorenzo link on Chriss post, here is the link on Part 5 of his series on that subject, Chris Webb's BI Blog: Data Privacy Settings In Power BI/Power Query, Part 5: The Inheritance Of Data Privacy Settings And The None Data Privacy Level (crossjoin.co.uk) , you may find the rest
One of the first blogs on that from Ken Puls Power Query Errors: Please Rebuild This Data Combination (excelguru.ca) but the discussion in comment is still continued.
In my practice I usually keep privacy levels by default (usually organizational). Even if that could decrease performance. Don't expect any security breach on practice, that's more as alert that design could be improved.