I am getting ‘privacy warning’ below my Wi-Fi name. Is there a way to remove this?

This is a notice that your router is not using the latest security settings. Check your router's manual for directions to change settings. If you have no manual, use the internet to find information for your router's make and model. Some routers are provided as part of your internet provider's equipment. If this is the case, you will need to notify them. These are the latest settings recommended by Apple...

Recommended settings for Wi-Fi routers and access points - Apple Support