It appears this is just a power quality monitor, and really, just a voltage monitor as it cannot measure any demand. It could be useful for monitoring for an arcing fault or monitoring for low/high voltage related to a loose neutral connection. The data collected probably isn't worth much as it is just voltage levels as it can't measure current so concerns about privacy probably aren't warranted for this device. If it was free from my insurance company, I would use it, but I wouldn't pay for it myself.

Check if your telephone and/or CATV line coming into your house is bonded. I work for a utility and have done hundreds of power quality investigations over the years and when I hear about damage where items plugged into communication-connected devices are damaged during a lightning strike (technical term is a transient over-voltage), I have found that lack of proper bonding of the communication utility service to a home's grounding system can be the issue. I've seen communication technicians try to "bond" their facility to PVC conduit before.

A whole home surge suppressor (from a reputable company) is a good investment, but it shunts over voltage transients to ground; it doesn't do any monitoring and would not prevent a arcing type fault.

True, but that could be said for just about any electrical product on the market today. While there could be embedded spying components, I suspect most manufacturers aren't looking to add unnecessary costs to their products. I'm cautious about my privacy, but I'm also not going to be obsessive about every conceivable method that something could potentially be a spying device.

The Ting device does not have the ability to measure current, it is strictly a voltage monitoring device. Hence, it cannot record what devices you're using in your home to report to some corporation.

In more general terms, a voltage and current monitoring system would need to be installed to try to determine what devices in your home are being used. A true power quality monitor like this (https://powermonitors.com/product/guardian/) would be needed.

I've reviewed hundreds of power quality recordings and it is exceedingly difficult to determine what devices are being used in a home. A large electrical load like a central air conditioning unit turning on is usually easy to pick out, but smaller devices aren't going to be determined in most cases. Any resistive load (toaster, incandescent light, electric stove element) will not have a "signature" other than the amount of current it will draw. Other devices may have distinctive characteristics such as power factor phase shift due to capacitive or inductive load components, voltage and current waveform deformation due to non-linear loads, and specific harmonics caused by a device. However, the summation of the current waveforms from all of the electrical devices being used simultaneously in a home makes in almost impossible to determine what specific device may be operating at a specific time.

https://pinside.com/pinball/forum/topic/power-monitoring-on-various-pinball-machines

I did some current monitoring of individual pinball machines a few years ago and have a graph in the link above. As you can see, there really isn't a distinctive "signature" and monitoring every load in an entire home would make it impossible to know anything about individual loads.