[√] Voice PrivacyWhy would you disable that? How about another one, with no description at all:
Enable enhanced privacy mode
Noise reductionThink about it this way. Suppose the options were the other way around:
[√] Increase NoiseNow, these options must be there because there is some disadvantage to them. Perhaps the noise reduction feature causes your voice to cut-out more often. Perhaps the privacy mode uses encryption that uses more battery life. This is where Apple shines. Apple would simply make an executive decision and remove these options. If the noise reduction didn't always reduce noise, they would disable it.
[√] Disable Privacy
Allow others to intercept your phone communications
Given the choice, I'll accept a few pointless options if it means I get the features I need. But for more phoneaphobics, these options are obstacles.
P.S. Noise reduction defaulted to off. A Google search reveals the opinion that the feature uses the dual-microphones to cancel noise. Apparently noise reduction it isn't good for recording live music.