No, it's not. Between encryption and a high background communication noise of the cellphone already it's hard to discern exactly what is being sent.
I don't think anyone thinks that they are, or will be sending all the sensor data to the servers. But they don't need to, they only need to send back what is determined due to that data.
Specifically consider what is most likely for an ad company, a few differentiated markers to help with targeting, that can easily be packed into a few bits. And can be trivially stored to be sent later on with some other packet that has a valid reason to be sent. (Appstore update check, anyone?) Accounting for every bit that leaves the phone sounds like a nigh impossible task.
I'm not saying this is definitely happening, but I don't think it's practical to rule out the possibility, with any amount of packet sniffing.