You rolled back your install. You didn't roll back a update. Too little too late. You signed the contract.

The problem is that people read contracts the way they read books or any form of printed text. You can't do that. A Contract is literal. You cannot assume or interpret it according to your opinion. That’s the point of writing the contract: to rule away opinions about what are the rights and obligations. It does not say ONLY when necessary to provide you with the services you use.

Also, when it says This includes: the content..., the word includes is the key. Including something does not exclude any other thing. Yet, in case of doubt, the contract is explicit saying that any kind of data will be collected, for example we will access, disclose and preserve personal data, including your content or files in private folders.

The wording files in your private folders mean any file in any private folder. Not ONLY files you upload to the cloud. Again the word including specifies a subset of your personal data, but does not restrict it to only your content or files in private folders.

Still in doubt? Read this clause: In addition to those you explicitly provide, […] may also be inferred or derived from other data we collect. It completely denies any voluntary choice you may have in what you provide. There is no restriction to other data we collect. Is not even restricted to collecting the data through Windows. Any way of collecting data about you, even illegal, is made legal, because it is you will, as stated in said contract, when it says that Microsoft collects data with your consent. It does NOT say that you need to give your consent each time your data is collected. It says that Microsoft activities have your consent. It is a FACT as stated in the contract. Microsoft does not need you to consent ever again.

We also obtain data from third parties (including other companies). ANY third party. Anybody. Spying on you is now legal by any means. Remember, Microsoft now has the right to grab any of your passwords: Credentials. We collect passwords, password hints, and similar security information. It collects passwords. Not ONLY the ones you MAY provide. Not ONLY the ones belonging to you. Not ONLY computer passwords. If somebody has a locker combination written in a piece of paper, and that paper can be read by a webcam, Microsoft has the right to collect it.

It Collects Credentials. ANY credentials. Your passport is fair game. Your fingerprints, your drivers license, the card you use to cross a door at work, the wireless key needed to open your car, your photo, a 3D scan of your face, your pupil patterns, the makeup of the bombs you dropped in the ######ter this morning; ANY credential as is stated. So yes, absolutely and undeniable: it EXPLICITLY GIVES MICROSOFT PERMISSION TO ARBITRARILY TAKE YOUR FILES. Your files is not restricted to any specific computer. Not even a computer. Even a paper file is included.

Also if you read the contract, take in consideration that any word or phrase written in Uppercase is ONLY as a label, and it does not mean anything in a contract, unless defined in the contract.
For example, the title: How We Use Personal Data has no legal effect. You can delete it and nothing changes, unless some other clause defines it, or references it by that exact title, with that exact uppercase format. You cannot argue to a judge that ONLY that clause describes how your data is used. You cannot argue that you were misdirected by that text, the same way you cannot argue that you didn’t read the small letter because…

Bing services are also included within other Microsoft services, such as MSN Apps and Cortana, and Windows (which we refer to as Bing-powered experiences). So, if yo do read Bing-powered, it means Windows. You may access Bing-powered experiences when using other non-Microsoft services, such as those from Yahoo. So if you use Linux or Macintosh, and you use Firefox, which defaults to yahoo search, and you do not change Yahoo search to another search engine, you sign the contract.

So, as you can see, a contract is full of bobby traps. You may think that it says something, but actually it says something else entirely. Only a lawyer versed in this arena is trained to fully understand contracts, and this one is a really Orwellian.

https://www.youtube.com/watch?v=GLiozMpqV80&t=2m39s

Do what you want. I personally don't care. But perhaps, just maybe, you should.