CB Privacy uses more specific language keys for the privacy selector as changing Public everywhere when you only want to change the Public privacy option wasn't ideal. Below are the language strings.
Code:
'PRIVACY_PUBLIC' => 'Public',
'PRIVACY_USERS' => 'Users',
'PRIVACY_PRIVATE' => 'Private',
'PRIVACY_MODERATORS' => 'Moderators',
'PRIVACY_CONNECTIONS' => 'Connections',
'PRIVACY_CONNECTIONS_OF_CONNECTIONS' => 'Connections of Connections',
'PRIVACY_CONNECTION_TYPES' => 'Connection Types',
'PRIVACY_VIEWACCESSLEVELS' => 'View Access Levels',
'PRIVACY_USERGROUPS' => 'Usergroups',
The language finder should be finding these without issue.