In previous versions, the features that were disabled had to do mostly with disabling multiplayer coordination if you choose not to share precise location information, in other words, just the things that would need that data to function. My Quest is currently updating, so I'll see soon if there's really no opt-out, but I wouldn't expect any change in function for removing analytics if their past is any indication.
I don't see much difference in the current version, and the anonymized data that you can't opt out of seems mostly to do with crash reports. It's laid out in this article, and although I'd prefer a full off option, it's not any worse than Windows and does respect choices after updates.