Possibly. Let's say LightSpark's buddies at Mossad (or wherever) hand David Marcus a list of I.P. addresses, and say: "give us all activity associated with these I.P. addresses."

LightSpark knows that at 64.287.213.41 (or whatever), there is a Cake user, who transacted once over Lightning.

They know it's a Cake user, and Cake users are also known to use Monero.

So, sure, it's not a smoking gun.

But the idea that you're using the same app to transmit a privacy coin while at the same time sending constant IP traffic to "the narcs" at LightSpark... that seems insane to me.... why would you do this?