How can I generate dynamically the content of the privacy page. Would it be editing directly the generated file or is there another way?
You can customize the phrase in your language file:
<phrase id="PrivacyPolicyContent" value="Use this page to detail your site's privacy policy."/><!-- v2019 -->
How could you insert a text containing the privacy policy formatted in HTML?
html tags should be xml-encoded. For example:
<span>test</span>
becomes
<span>test</span>
Is it possible to include a reference to another HTML file containing the formatted text of privacy policy?
You can easily add a hyperlink to the text. For example (remember to xml-encode):
<p>Please visit <a href="..." target="_blank">help</a> for more details</p>