You can still download the source code and build it. Is there something that phones home in there?
If you build from source all the telemetry, crash reporting and network features are disabled by default.
If you want to disable them explicitly each of them is behind a helpfully named compile-time flag.
It's a standard disclosure notice for when you collect any telemetry data. It's also opt-in, so it doesn't apply unless you opted in for telemtry. They're not selling you.
Renderdoc also has one. We gonna throw a fit over that?
The telemetry fits are really infuriating because they conflate privacy violations with perfectly reasonable behavior.