Not easily. I answered "NO" to everything during setup, and it still collects just about everything. And this is Windows 10 Pro.
I'd much prefer an "opt in" scenario where _nothing_ is reported unless i specifically allow it. I'm aware that some things go hand in hand, like "find my device" requires my device to report it's location, but i can't remember EVER opting in to sending every app i open, filename of every file i open, every link i browse, to them.