"I get it" cuts three ways. First, I understand this is true. Second, I am in most ways the example of a person who is privileged and this has brought me opportunities, second chances and more.
But Third can be an exasperated "I get it" because no matter the advantages I've enjoyed I'm still constantly faced with worries over the challenges I'm bound to face in the future. So privilege often doesn't seem relevant in day-to-day life... and of course it's a privilege that I can usually leave anything race-based off of my list of worries. So if "I get it," it's not that I don't care. It's more like "I'm uncomfortable but I don't know what to do."
Privilege is real. I get it.