There is no great revelation to be had by knowing the conceptualisation of privilege in so far as people are born with advantages over others. This is absolutely obvious, however, that is not what privilege is about. Privilege cannot be separated from leftwing identity politics and this much is obvious. When I read you, I imagine you may be talking about intelligence, attractiveness, access to resources, talents, etc. It doesn't matter how or why you have these things but that you do and since it is very human to value these things, it'd be an odd case for someone to not want them.
If all privilege was saying was that some individuals are born into better circumstances than others then who can argue with that? Even if you want to conceptualise that within a country, who can argue with that?
Privilege does not do this and has absolutely no interest in privileges that do not fit into leftist identity politics theory. The narrative is that your privilege is based on your gender, sexual orientation and race. Your race is advantaged or disadvantaged based on which races were historically oppressors vs oppressed. Men oppressed women, whites oppressed everyone, cis straight oppressed other.
Your experience in this world is shaped by your gender, sexual orientation and race. A white person recognising their privilege is about acknowledging how other races have it worse and so on. What's wrong with this conceptualisation? Let me start off by saying that this is an issue of framing and interpretation.
Systemic racism exists, statistics show wealth has been deeply affected by historical racism, statistics show you have better chances to be privileged as a white person than black or Hispanic. I am not arguing against these statistics. However, privilege is a warped framing with no nuance or depth, it characterises history through the oppression of groups over other groups. It is not simply saying "racism, hatred of homosexuality and sexism are wrong".
It is absolutely asking you to see individuals by the groups they belong to and in this case that is by their race, sexual orientation and gender. Which to my mind is completely fucked up, the parallels with racism and sexism are easy to make. It condemns the privileges of the advantaged groups as proceeds of a racist and sexist society. For white people would not have more if this were not true, women would be paid as much as men if this were not true.
The benefits to recognising you have been benefited by historical racism are very hard to see. What step they are in the plan to end racism is not something that can be seen, it isn't there. All I see is the encouragement of taking note of someone's race/gender/sexual orientation and making assumptions about them, their experience and their "history". It is more about hating the rich than helping the poor.
Unnuanced, vindictive and entirely unhelpful to the struggle to end racism or sexism. Yet those who argue hide behind their intent to end racism and sexism, that's their defence of it.