Microsoft Office 16.28, released Tuesday, includes a new privacy dialog for users and a number of changes to the preferences that control privacy and telemetry settings. This new dialog cannot be directly suppressed for Office 365 users, but can for those with a 2019 Volume License.
Microsoft has provided documentation, Use preferences to manage privacy controls for Office for Mac, of these new preferences and Paul Bowden provided a Keynote slide deck, Privacy and Consent Controls (PDF version), from a set of video conferences he hosted last week. (Unfortunately video recordings of the calls are not available.)
Thanks to the hard work of the Office for Mac team most of these preferences can be managed via configuration profiles. Read on for an overview of the changes and items of note.