A VPN provider can potentially log every site you visit, just like your ISP.
The actual benefits are mostly practical, being able to access streaming services and other sites from other countries.
It does hide your IP but this isn’t as big a deal as you might think, and moot, if the ISP logs your activity.
It does not provide some special extra layer of encryption. It does encrypt the traffic, but most of the time, it was already encrypted anyway. The vast majority of internet traffic is.
There’s a word for that, too.
Corruption.