it entails being statistically less likely to come from poverty, to be a victim of violent crime, to be discriminated against in the workplace, the list goes on. the key word here is statistical. you can still be poor and white, you can still get shot for being white, you can still get fired because your boss hates white people.
the difference is that all of that is less likely—statistically—to happen to you if you're white. and no, just because white privilege does not literally prevent you from having a shitty life does not mean it's effectively meaningless. a bullet proof vest does not literally prevent you from being shot, but they're still pretty handy to have around.