A Meitu spokesman actually replied to the ArsTechnica article on this:
Since they're a Chinese company, they have to collect their own user data since they don't have access to user data from the Apple / Google stores. So they likely have less info about you than most Western app devs.
I installed Meitu on an Android 7.1 device yesterday. It only asks for device permissions as it needs them. I denied giving it access to my phone functions and the app works fine without that telemetry. But if you're really paranoid, go ahead and play with it in Andyroid or something.