You can opt out, but the fact that it's opt-in by default and made to look like a simple T/C update prompt leaves a sour taste in my mouth. The five year retention period seems... excessive. I wonder if they've buried anything else objectionable in the new terms. It was the kick in the pants I needed to cancel my subscription.
I got a pop-up when I opened the app explaining the change and an option to opt out. That seems very transparent to me.
Never mind the complete 180 on privacy.