I'm trying to understand the privacy risks with a hardware wallet like a Trezor, Ledger, or similar. I understand the common workflow with these wallets is that you use an SPV bitcoin client which communicates with this hardware wallet over USB. On the "spend" side of things, I assume the hardware wallet signs a transaction that the SPV client sends to the network. On the "check balances/confirmation" side of things, I believe the SPV client would check with various nodes just like it would for a normal wallet, so those nodes would have information on what addresses where associated together and coming from a single IP address.
I'm guessing at a lot of this, so I'm hoping someone can clear things up.