If written text/ emails/ .. is collected, it's private data.
What do you think happened when you send a email or text, it goes through the server of the service you use, which has all the freedom to read it. This is even worst than telemetry.
I'm not against needed telemetry which include system data, but analyze private data is another thing and should never be enabled by default.
Again this is your what you think should be based on your principles only.
If a company says it will be this way, so it will be, then free to you to seek another service.
If you go to a restaurant and the rule is to leave your coat at the entrance (means people may look at what is in your pocket), you will comply, if not, you will be invited to find another place.
Do you believe MS record your keystroke or URLs in plain text and upload them to their server then a little guy spend all his days reading what you type or visit?
"oh who i have today...ummmm Mr Security123, what a weird name, let see what he wrote today and what site he visited. Hopefully, i will find some naughty naughty ones hihihi" ... REALLY?
Come on...with the massive amount of people working/surfing on computer every single minute, you will need half the planet to scrutinize just 1mn of data collection...
Giants just use algorithms that just parse the datas without considering the user identity.
Now if it is the CIA or any intel agency doing it and you are a person of interest, then yes , you will have the little guy reading your datas perfectly knowing who you are.