It not only examines all processes and arguments - it leverages the microphone to act on ultrasonic cues for "integrations". Zoom is a privacy dumpster fire.
It also plays your user-name (when configured by the meeting owner) in the background at a non-audible frequency, so that companies can find out who leaked their meetings by analysing the audio from the leak.
Yes there are reasons besides conflicts with US law and they not having German Servers which makes it completely GDPR in-compliant and de-facto legal unusable in the EU.
https://devforum.zoom.us/t/ultrasonic-connection/3318