Google Page Creator’s Privacy Policy is basically the same as all other Google Privacy policies. Simply put, because you choose to use the service, you acknowledge that all of your content will be on Google’s servers. This is great, because you don’t have to pay for hosting–Google handles it for you. Just understand that all of your content is subject to Google’s policies. Content may be scanned for statistical and analytical use by Google, and content may eventually be scanned to provide relevant and targeted advertising. This is really no different from Gmail’s policies.
But don’t take my word for it. If you have concerns, review the policy yourself, and then make the decision to use or not use the service.
If you have issues or concerns with Google’s policies, don’t forget that there are countless other options on the ‘net to choose from!