Sadly, the currently selected answer by @Palantir is false.
For clarity, Google does not use any information collected by Google Fonts to create profiles of end users or for targeted advertising.
Specifically to the first and third bullet, it makes no changes to robots.txt
compliance of the crawler.
To the second bullet, based on the 'generally speaking' interpretation of the word 'tracking' on the dedicated Privacy and Data Collection page of Google Fonts
The use of the Google Fonts Web API is unauthenticated and the Google Fonts API does not set or log cookies. Requests to the Google Fonts Web API are made to resource-specific domains, such as fonts.googleapis.com or fonts.gstatic.com. Font requests are separate from and don't contain any credentials sent to google.com while using other Google services that are authenticated, such as Gmail.
Also, Colin's answer is partially out of date as well with regards to caching-based privacy:
It has come a long way from its original value proposition—to make the web faster by allowing your browser to cache commonly used fonts across all the websites that used the API. This is no longer true, but the API still provides additional and important optimizations so that websites load quickly and the fonts work well.