Not actually. The setting is essentially "allow OpenAI to look at your files (we promise they won't use them for anything, pinky swear)"
It's only the part in parenthesis that disturbs people. If I told you that you can now search your drop box via open AI's integration, you wouldn't really care.
Oh, the other caveat is that the default position of the switch that allows the integration is on in America and off in Europe, likely because, you know, American's dont seem to give a shit how nakedly anti-privacy their tech companys _can potentially be_.