"The suffering of Reality is a privilege not to be squandered"
Yes this is essentially saying that suffering is a privilege.
Here's the logic: To exist in reality is a privilege. Existence in any particular form requires suffering the terms and limitations unique to that form. Therefore the suffering of reality is a privilege.
Why would we think this doesn't apply to us? Why do we insist that we shouldn't suffer? Is this our autocentric mind telling us that we should be exempt from the terms and limitations that define our existence? Reality apparently considers this to be a punishable offense—as we suffer any sort of disaffection with our circumstances.
Despite our cerebral opposition, suffering exists for a good reason.
Ever notice that when suffering brings us to a point where we finally accept our limitations and appreciate our existence for what it is, we have a breakthrough in our attitude and an immediate improvement in our quality of life? That's reality telling us we're learning from our suffering and not squandering our unique and precious existence.