You don’t get it. In your imagination there seem to be small men riding through cables or on electromagnetic waves. And each of them has a big bag, in which he puts all the robbed peas, carrots, Audi A3s, Porsches and Ferraris. You even don’t know, that a Jaguar is the only acceptable car for a man. (I don’t have a car that I could have bought from the win of the sold peas which the small men have carried to me.) Downloading does not hurt anyone. Earning money with unlicensed fonts hurts. I am really nerved by all this paranoia.
Copyright isn't exclusively concerned with money (though remedies for copyright violations frequently are). Copyright asserts the designer’s right to control the distribution of their intellectual property. If a designer has opted to only distribute their font to people who have purchased a license, what gives you the right to flout these terms and make use of their font against their express wishes? The fact that you are using it for 'private use' doesn't seem morally relevant to me.
I don't equate unlicensed use of a font with stealing a ferrari anymore than I equate stealing a ferrari with killing babies, but this has no ethical relevance. The fact that action X isn't the same as action Y where action Y is clearly bad has no bearing on the defensibility of action X.