That's fair, but it is also very misleading. It also isn't hard to see how it is misleading, enough so that I'm sure I'm not the first to notice it and that I would assume it has been brought to their attention. If not, well... someone ping them.
I don't think it's misleading in the slightest.. When you disable telemetry in an application or operating system, you're disabling that application's collection and transmission of metrics to its developers.
Disabling telemetry in Windows doesn't prevent programs from collecting metrics, it disables the transmission of Windows metrics to Microsoft. Can you give an example of the kind of 'disable telemetry' option you describe which prevents third parties from fingerprinting or transmitting data?
Sure! On an iPhone, Settings | Privacy | Analytics | Share with App Developers (there's an option "Share iPhone Analytics" right before it that has explanatory text that says it's specifically about sharing with Apple) and Settings | Privacy | Advertising | Limit Ad Tracking.
On the browser side, options about camera access, microphone access, location sharing, etc. are about sharing it with websites, who are not entitled to make their own permission prompts. Options about third-party cookies affect third-party cookies from websites, not from third parties who work with the browser developer.