I was worried about this as well, and there seems to be no clear answer anywhere about this, but it appears not to work like the POP/IMAP fetching in Gmail.
When I added my non-Gmail account to the app, I only saw traffic direct to the IMAP server, and nothing to Google servers.
When I added my non-Gmail account to the app, I only saw traffic direct to the IMAP server, and nothing to Google servers.