It's my employer's laptop, so I agree. I do make an exception for things benefits-related, as in a medical claim won't necessarily make it back to my boss, even if it's done on a work computer. I don't think it's strictly true, but I can make a case for how HR should shield certain things IT might collect from my boss.

In practice, companies only have humans look at IT use if there's a security problem or a performance problem.