i got linked to a youtube video by an ex MS engineer who has a channel covering all kinds of tech stuff. he did a 30 minutes video on this and broke it down to what it does. i verified myself a lot of what it does including adding more than a dozen additions to the host file to block the telemetry ip and other stuff. i do not recall what the video is but i may be able to dig up the post again that lead me there if i think about it. however i do spend a lot of time reading up on security and privacy issues and this tool has started showing up a lot and is being recommended more and more from those type folks as well.
i do not have the ability to do any of the deep packet inspections and such that some people have reported on but between the services disabled, host file additions and other changes, i realize my info is very anecdotal and i can't source many of the reports here, i am satisfied with it for now until they finally get the full ability to disable it all done.