Hey there @CarbonTD! Welcome to the community! As long as you don’t put your files up on Github or any other source control, no one can see any of your work, it’s all saved locally.
Hmmm that’s a tricky one, it’s usually implied that the software doesn’t send anything back besides the account information (as such falls under the GDPR) for legality. Though the engine source code is open, available, and unabridged! The launcher only has folder locations, Uproject data, and takes the thumbnails from the project folder to display normally, though if you don’t even want the launcher to be aware of anything you can also build unreal straight from the source, then it’s even more untethered.