Yup so far, in windows 10. There are 2 folowup settings that I've felt the the need to after turning everything off in the customize privacy screen.
1) Turn off messages about smart screen. (You can turn off smart screen during install, windows evidently thinks this is a security risk, so it's an alert in action center. So you effectively turn off smart screen, and then follow up by turning off messages about smart screen being off. Not a huge deal... since smart screen *is* a legitimate A/V feature. And some non-tech people probably should have it on; despite the privacy implication. Its a standard feature of all modern A/V software. So its not omgz ms is evil.
2) Turn off forwarding windows search to bing. Again, another easy to access setting, but an extra step.
I prefer windows updates on for my personal desktops so I don't worry about that. The risk of a bad update screwing me over has proven to be less than the risk of not having them. In my opinion.
There is some rumbling about some telemetry features that can only be turned off with enterprise. I'd like to know more about that.