If you remove it, the page it generates will be removed as well so if you need the page it generates, you’ll have to keep it on.
As for legality, it’s not illegal to remove a plugin if you’ve not legally binded to keep it on. Just make sure to make a new privacy policy page and have the necessary information to notify users so you don’t get fined if you collect data. ๐
If the page and all if its contents (that’s the most important anyway), then it should be fine to remove it as long as the functionality that comes with it works. (some privacy policy need users to agree before their are let in to the site. It’s a gate of some sort).