It doesn't look like they're going to randomly merge names across e-mail addresses--but, as you say, they will merge them within addresses.

https://www.eff.org/deeplinks/2012/02/what-actually-changed-google%27s-privacy-policy

I've always assumed that Google did link data across multiple services.

Google is my employer's email and cloud app provider. If they merge that account with my private account, I suppose I will abandon the private account.