VBA Telemetry client is just a small utility that bridges VBA Projects (Excel workbooks, Access Projects, Word Documents, Powerpoint presentations, …) with Application Insights client from the .NET Framework, so we suggest that you read more about this info here.
And on other pages from Microsoft that are related to Application Insights.

We can say that we do not collect any data that is sent from the VBA Telemetry client to Application Insights client. Neither the information about using VBA Telemetry client.

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