Aside from the Ars Technica article in the xpost, there's a lot of "it depends."

It depends on not just the OS, but if it's a custom image built for Dell or HP or Asus etc. computers, what settings are on, what settings were on by default, what bloatware is pre-installed, etc.

Typically, all MS or Apple really want are to know what apps you have installed, zip code, email address, IP address, crash reports, and possibly keywords they can associate with advertising. That's their baseline wish list, which is all advertising fodder, and depending on your settings, that can quickly expand to "anonymized" (it's not) cookie use, tracking of websites visited, etc.

If you have a custom image (i.e. a Dell specific version of Windows) the laptop manufacturer will look for access to roughly the same data.

With the whole Copilot fiasco, recording things like keystrokes and screenshots really are potentially in play now. But, again, only if you have foolishly installed Copilot and turned that stuff on. And that only after huge public outcry. So there's always a non-zero risk of that, but do your due diligence to know you settings.

Can you strip out bloatware and tighten down Windows to a reasonable degree? Sure. But because MS can and does change system settings without your consent, you might find in 6 months an article about a setting you turned off, that they turned back on and you had no idea.