Can Microsoft access my data since it's hosted with them?

"We hold a very high standard for privacy and believe that privacy is a fundamental human right, which serves as the foundation for how we address privacy in our products. Another core principle we hold is that our customers are in control of their data. This isn’t simply something we say in our corporate privacy statement. It’s something all our teams live by. In our agreements, Microsoft states that we can do only two things with customer content: provide services requested by the customer and comply with legal obligations. No other access or use of a customer’s content is permitted. Microsoft uses diagnostic data to keep Windows 365 (and Microsoft 365) secure and up to date; detect, diagnose, and fix problems; and make product improvements. However, this diagnostic data doesn’t include the user's name or email address or the content of their apps and files."