Privacy Warning Toggle Can't Switch

If your company has "locked" this iPad, you will not be able to enable the Private Address option as that, most likely, would impact their network when the iPad is connected there.

This warning is indicating that the iPad is using its MAC address when connecting to your home network. This is actually normal, but with recent concerns about security, has been determined to be less "safe." What this option does, when enabled, is create a pseudo MAC address for each Wi-Fi network it connects to. This is to prevent tracking.

This option became available with iPadOS 14.

As described, your iPad has a management profile installed by your employer that enforces certain settings. If so, you may not be able to configure or change some settings or services.

Apple’s WiFi Private Address feature provides additional privacy and security when using “public” (untrusted) WiFi networks. This feature is largely unnecessary for your home WiFi network. The”warning” that you observe is essentially informational - as your iPad will continue to operate with all the security that existed prior to introduction of this feature.