No, you can't opt out. Windows 10 collects your information whether you like it or not, regardless of which option you choose. There's language in the installation agreement that states Microsoft basically owns your PC and everything on the machine effectively
belongs to Microsoft if you choose to install Windows 10.
The only real solution to this problem is to get rid of Windows altogether, which I strongly recommend to most users. The only reason anyone should still be using Windows is if you have a particular piece of software that you are required to use for work.
If you're an average user, then Linux Mint, Ubuntu or Zorin Linux is an ideal replacement for the Windows OS.
I'm forced to deal with Windows machines at work because most of my co-workers aren't as savvy as I am and they're fearful of making the switch, but for all of my personal machines I use various Linux distros and have reached the point that I wouldn't keep
a new Windows PC if it was given to me for free.