Yep. Take notice of this statement from Microsoft:

That part states that Cortana will still have access, thus Microsoft will have access, to any/all information and you're simply dismissing the notifications and not disabling/stopping the collection of that information.

That's my original point wherein there's no way to turn that "feature" off and in latter versions of Windows, that service collects even more information and now extends into your calendar (current) and reminders (current/future) and to your mobile and contacts (future). That data will remain to be collected.

That will fuel a lot of paranoia unfortunately.