This is a common concern with cameras and webcams that are always recording, which is understandable since privacy is a big deal.
The issue with the ps4 camera is that it listens out for voice commands, so in theory, you could unknowingly prompt it to start recording when you don’t mean to.
This is unlikely, though, and you can always disable the voice command feature if you start to get paranoid about it.
The ps4 camera is no worse than a smartphone these days, and the voice command system is comparable to ‘Siri’ or ‘Alexa.’