Localized/Liquid Privacy Policy Link in email marketing form consent field

When translating this field for Back In Stock form > Form mailing/subscriber list label

It would be helpful to be able to use Shopify's liquid privacy policy linking:
<a href="{{ shop.privacy_policy.url }}">Privacy policy</a>
so the link goes to the same country and locale the user is viewing the product page on.

It currently cannot support this liquid. If a site supports multiple languages, they likely also support multiple markets so this feature request is important for providing a localized privacy policy link for email marketing consent.