Given the fine line between certificate and pilot certificate.

Pilot certificate is clearly defined in the regs. "Flight Instructor"
isn't one.

A CFI is not a rating, but is an additional privilege so if you are
lo

A CFI is a flight instructor certificate with various ratings attached
to it.

"Operating privilege" is not defined in the regs anywhere I can find,
but since a CFI is a certificate and a rating, it most likely doesn't
fall under "Operating privilege".

There is no way to interpret this reg as allowing the CFI to count as
a Flight Review, without incorporating a heavy dose of wishful
thinking.