Two parts of the behavior surprised me:

• The distinction between "log sensitive data" and "don't log sensitive data" is controlled by whether the log level is debug or trace. Do we use similar rules to control sensitive data logging elsewhere? I would have expected this to be separately configured, independently of log level.
• When streaming, it emits a log message for every chunk. That seems overwhelming to me. I'd expect the default to be logging only the start/end of streaming calls, not every chunk.

Not saying these are necessarily wrong, but want to raise them for discussion.