Even the original Windows 8.1 had privacy issues. Microsoft retrofitted Windows 7 and 8.1 with telemetry features similar to those in Windows 10, sending diagnostic data back to Redmond. While some "Lite" builders claim to have "nuked the telemetry from the ISO", unless you can audit the image yourself, you have no way of confirming that all data-collection services have been removed.
Operating systems like Linux Mint (XFCE Edition), Lubuntu, or Puppy Linux are designed specifically for older hardware. They receive regular security updates and consume minimal system resources without the security risks of modified Windows builds. Windows 8.1 Lite Archive.org