How bad is Cloudflare for selfhosting?

If I buy a domain on cloudflare for a reverse proxy of my choice, how bad is that for privacy? For example, I want to setup Nextcloud for better privacy but if I choose Cloudflare as my registrar over something like Nextcheap, would that destroy the entire purpose of setting up Nextcloud?

Appologies if I misunderstand something her, but…
You don’t have to buy the domain through Cloudflare to use it there.

I have a domain bought somewhere else, just change the nameservers. There are guides on Cloudflare on how to change the settings.
(This has to be changed through your account at the registrar where you bought the domain).

I use this with Cloudflare Tunnels to reach some servers running at home on a small Proxmox server.

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A reverse proxy like Cloudflare can read all of your traffic, so just keep that in mind.