Source
blog.google
one.google.com
Whitepaper [PDF]

More online protection with the new VPN by Google One
Google One introduces a VPN and security Pro Sessions for 2 TB members
Learn moreTo give you peace of mind that your data is safe, we’re announcing the new VPN by Google One on our 2 TB and higher plans to provide an extra layer of online protection for your Android phone.
We already build advanced security into all our products, and the VPN extends that security to encrypt all of your phone’s online traffic, no matter what app or browser you’re using. The VPN is built into the Google One app, so with just one tap, you can rest assured knowing your connection is safe from hackers.
VPN by Google One - Extra online security for your phone
Increase your online security by enabling the VPN on your Android phone. Included in select Google One plans at no extra cost.

Whitepaper [PDF]
Some minimum logging is performed to ensure quality of service, but your network traffic is never logged and your IP is not associated to your activity.
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