My problem with giving any company the benefit of doubt or other less-than-cynical interpretation, is that almost all agreements/promises come with an explicit “we can change this at will” clause, or at very least given no promise that things won't change for the worse.

I think that

> Google does not use any information collected by Google Fonts to create profiles of end users or for targeted advertising.

should be read as:

> Google does not CURRENTLY use any information collected by Google Fonts to create profiles of end users or for targeted advertising.

Also note that the text as-is says nothing about updating existing profiles, just that new ones won't be created from this data.