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Look at the links in my comment, and you’ll see that all of the categories of telemetry data there can be opted out of with that single switch.
JFC please read the actual documents instead of going “nothing about opting out” when it’s literally right there.
It’s two things:
If you don’t want it, they don’t seem to be pushing it any further than that. Just don’t click the option in the menus and you’ll be fine. (I believe you can also fully disable the option from appearing in settings too)