"Private" allows you to retain all the exclusive rights to the meme you are tokenizing.
The purpose of the NFTs is to declare the ownership of that thing. What is the point of buying an NFT, if the original author will keep the ownership of it. Then what are people buying?
Yes, if you buy an NFT that is "private" you get the ownership of that particular thing (copy) but not the right for you to make copies. You are buying a copy of the meme to own but not the exclusive rights to make other copies that you yourself can sell because "private" means the owner of the original meme reserves exclusive rights to reproduce the meme. "Limited Reproduction Rights" means when you buy the NFT of that meme you own the copy of that meme and the artist grants you as the owner of that NFT full commercial rights for the meme to be used or recreated by you in commerce, but does not give away the creator's copyright.