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While reading this and thinking about getting one I stumbled upon another "soon" available solution for health tracking with respect for your privacy and without a subscription model: https://zykeband.com It's not a ring but could be a good alternative.
Amazing. Zykeband looks promising. I really like the idea of locally processing your health data, which makes lots of sense, considering its sensitive nature. A major plus, imho.
I did research Oura's ToS, they make big promises about privacy, but you have to trust them. Also, to get more out of it, you have to share quite a lot of PIIs, a huge risk, but nevertheless, I decided to go for it. I still don't regret my decision, because their app is superb, and I can see how it can/will get even better in the next years.
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