Phoenix has become the go-to wallet for me and many others. The new splicing feature makes things a lot easier to manage, but i am a little concerned that 'only one channel ever' may result in a much bigger privacy risk.

Lightning as-is does have better sender privacy than receiver privacy, but, in this one channel model, if a snooper finds it once, they'll unambiguously (pre-taproot) be able to keep track of it through splices.

The more basic point is not dependent on splicing: Phoenix being your only channel counterparty is another big privacy tradeoff.