Flawed is a rather hash word, but yes, its privacy ain't all that great due to been a public transparent ledger that has been heavily regulated thru KYC/AML bullshit.
My experience on bitcoin privacy is limited and must agree that today options between a few implementations like samourai, wasabi and coinjoin are not all that great.
Having said the above, I believe security and privacy are moving targets, that will be further improved and work on by many talent people on the #bitcoin space.

