The "page" in settings consists of just two options, and the complete descriptions of the types of information they collect are "crash reports" and "usage data and errors". That seems the opposite of transparent and granular. Am I missing something?
There is an application in the Microsoft store you can install that lets you view all telemetry collected by Microsoft, and the actual data is encrypted. The metadata (which tells you WHAT is being collected) is not. Knowing the people I have worked with in the past, this is to securely prevent modification by users before the data is actually sent. I've worked with lots of people who would modify that data to attempt to get a feature added that they wanted or just to screw with MS.
That tool also gives you the option to delete all telemetry sent from that machine in Microsoft's possession.
Setting that to "Trace" will show the telemetry being sent in the Output pane of the interface, amongst a bunch of other stuff, I am sure.