It’s enabled by default on a select number of laptops they sell, and no one else has access to it yet. But they plan to roll it out further. I’d personally hoped for some kind of “Secure Enclave” such that only certain processes could be run, but this is about what I would expect of someone shipping a minimum viable product because AI is a hot buzzword. Weirdly, even AI could theoretically solve some of the privacy issues simply by looking for PII and removing them. Extra weirdly, this would have been more secure if they uploaded screenshots to the cloud, because access could be better monitored there and exfiltration limited.
If anything, it's likely they imagine the PII being useful. Imagine being able to ask your computer for your bank account number instead of digging it out of a website or file. Obviously useful... but also obviously exploitable.