Audio is locally transcribed on your machine. And you have full control over when you want to record audio (ie, only have it turn on with meetings), and when it comes to screen capture Rewind can exclude apps you select (such as 1Password, incognito windows, etc)
All that being said, we are also working on letting you toggle to using a local LLM. Our CEO @dsiroker did a demo of our Windows app with Llama 2 on stage with Intel's CEO at their recent conference: https://twitter.com/dsiroker/status/1704188923336085657