The original comment mentions this but gives the wrong reasoning. The APNs are encrypted either way, but this setting prevents Signal from decrypting them client-side and letting the notification cache store it. Yeah this is more secure because it means not trusting Apple to do their job right with local storage, but it's also kind of a reasonable thing to trust.

Except even when you turn off message previews, it has to be specifically from within Signal settings. Not the iOS settings for notifications for the Signal app. To the user it looks the same, so it’s easy to make the mistake of turning off the previews in iOS settings instead of from within Signal settings. I didn’t even know there was a difference between the two until the recent posts about it.

That's what Signal does on my iPhone, I thought it was the default?