Index: src/wp-admin/privacy.php
===================================================================
--- src/wp-admin/privacy.php	(revision 43331)
+++ src/wp-admin/privacy.php	(working copy)
@@ -136,8 +136,13 @@
 		<p class="tools-privacy-edit"><strong>
 			<?php
 
-			/* translators: 1: URL to edit page, 2: URL to view page */
-			printf( __( '<a href="%1$s">Edit</a> or <a href="%2$s">view</a> your privacy policy page content.' ), $edit_href, $view_href );
+			if ( 'publish' === get_post_status( $privacy_policy_page_id ) ) {
+				/* translators: 1: URL to edit page, 2: URL to view page */
+				printf( __( '<a href="%1$s">Edit</a> or <a href="%2$s">view</a> your privacy policy page content.' ), $edit_href, $view_href );
+			} else {
+				/* translators: 1: URL to edit page, 2: URL to preview page */
+				printf( __( '<a href="%1$s">Edit</a> or <a href="%2$s">preview</a> your privacy policy page content.' ), $edit_href, $view_href );
+			}
 
 			?>
 		</strong></p>