You can use the content for anything permitted by the applicable Microsoft 365 license so you should review your End-User License Agreement (EULA) to understand exactly what you can do with works created in Microsoft 365 and SharePoint. Simply put...
Microsoft 365 can be configured to recommend or automatically apply a sensitivity label to a file or email if it includes sensitive corporate or personal information, such as social security numbers, credit card numbers, or bank account numbers.
To access your privacy settings in the new Outlook for Windows: On the View tab, select View settings and choose General. Select Privacy and data then choose Privacy settings. This opens the Account Privacy settings dialog box where you can select your privacy options. This applies to Office version 1904 or newer.