Recently, I encountered a requirement to update the Privacy Preferences as part of our post-deployment checklist. Now I noticed that the Privacy Preferences options is missing from where it used to be located: Settings -> Administration -> Privacy Preferences.
Now that same setting can be found on the Power Platform Admin Center by going to https://admin.powerplatform.microsoft.com/ and navigating to Environment -> Environment Name -> Settings -> Privacy & Security
Huge thanks to my colleague, Mark Jason Sanje for helping me out. 😀