This article explains how to customize / translate this part of registration form:
1. Visit your Login / Register page. By default it is www.yourdomain.com/login-register/
2. Click “Edit with Elementor”
3. Edit “Login and Register Form” element and customize it here:
4. You can add your own link and texts. It is how it looks by default
5. Below you can find sample customization with a link to to https://google.com/
6. When you save there will be new text and link to privacy policy