No, Google Chrome’s incognito mode does not anonymize or encrypt your browsing activity. When you open the incognito tab, Chrome clearly states that your activity can still be seen by your ISP, websites you visit, and the network administrators (such as your school or employer).
You can only anonymize your connection by connecting to a reliable VPN such as ExpressVPN. We have already mentioned the process of adding a VPN extension to incognito mode. All you have to do is enable ExpressVPN’s browser extension for Incognito mode, and you’re good to go.