Can --privileged perfectly replace all by --security-opt xxx and --cap-add xxx?

As I wrote it in the other topic:

lcow was an experimental project. I don’t think you should use that today.

As for the question, to be honest, I wasn’t sure about the answer, so I should probably learn more about that, but I searched for “docker privileged cap-add” on Google and found this:

Without that post on StackOverflow, I would have said that: even if --security-opt and --cap-add are not enough, you can probably achieve the same result without --privileged. In your case I am not sure about that. If --privileged was not implemented, I guess it is because the alternatives are not implemented either.

I recommended some other ways in the other topic that you can use instead of lcow.