How does OneDrive Privacy Policy apply to local files?

[Windows Central Question]

I understand that MS actively scans files stored in OneDrive for any content they deem "inappropriate" for a number of reasons, and that we agree to that access when we use the service. If I configure "fetch" to allow my own access to all my local files, am I also agreeing to allowing MS to similarly scan my entire hard drive contents?

I've looked, but can't find any discussion of this point online.