This release does not have a Play Store Description, so we grabbed one from version 1.0.400247322:
Powering intelligent features across Android
Private Compute Services helps improve features inside Android’s Private Compute core – like Live Caption, Now Playing, and Smart Reply.
Android prevents any feature inside the Private Compute Core from having direct access to the network; but machine learning features often improve by updating models. Private Compute Services helps features get these updates over a private path. Features communicate over open-source APIs to Private Compute Services, which removes identifying information and uses a set of privacy technologies, including Federated Learning, Federated Analytics, and Private information retrieval, to preserve privacy.