The user jfx pointed out that this is sort of misleading. Here is their comment:

IANAL, but this headline is misleading, and that’s the opposite of what this clause says. First, they define Customer Input (the stuff you probably think of as “your data” – files you upload, etc.):

10.1 Customer Content. You or your End Users may provide, upload, or originate data, content, files, documents, or other materials (collectively, “Customer Input”) in accessing or using the Services or Software Then they define “Customer Content” as the stuff they show you to render Customer Input (special Zoom-specific displays, data readouts, et cetera): and Zoom may provide, create, or make available to you, in its sole discretion or as part of the Services, certain derivatives, transcripts, analytics, outputs, visual displays, or data sets resulting from the Customer Input (together with Customer Input, “Customer Content”); and then they talk about Service Generated Data, the telemetry and observability and logs: 10.2 Service Generated Data; Consent to Use. Customer Content does not include any telemetry data, product usage data, diagnostic data, and similar content or data that Zoom collects or generates in connection with your or your End Users’ use of the Services or Software (“Service Generated Data”). Then the next clause says “We’re allowed to use Service Generated Data for whatever we want and you’re not allowed to opt out”: You consent to Zoom’s access, use, collection, creation, modification, distribution, processing, sharing, maintenance, and storage of Service Generated Data for any purpose, to the extent and in the manner permitted under applicable Law, including for the purpose of product and service development, marketing, analytics, quality assurance, machine learning or artificial intelligence (including for the purposes of training and tuning of algorithms and models), training, testing, improvement of the Services, Software, or Zoom’s other products, services, and software, or any combination thereof, and as otherwise provided in this Agreement. That’s not the same thing as if they’d said Customer Input or Customer Content, which they explicitly excluded. Your customer data isn’t part of SGD.