Privacy policy on checkout page

Hi there,

GP doesn't handle the content of the checkout page at all as this is something handled by WooCommerce completely.

I'd assume you need to use a WooCommerce hook in the checkout page:
https://www.businessbloomer.com/woocommerce-visual-hook-guide-checkout-page/

All the hooks should be listed in the Hook dropdown box in a hook element:
https://docs.generatepress.com/article/hooks-element-overview/

If this doesn't help then please check with WooCommerce' support.