Short answer
HubSpot's KB: the tracking code collects visitor data such as website activity, IP addresses and other online identifiers, used for things like traffic reporting. Depending on account settings and visitor consent, HubSpot also uses some of it to improve its products. A Super Admin can turn off intent data access, after which HubSpot won't use tracking-code data for that purpose.
1. In HubSpot
The relevant screen in my demo portal.
2. Worth knowing
Turning off the sharing setting doesn't stop the tracking code collecting data for your own analytics. Consent banner choices are what control that per visitor.
3. Related
Check the tracking code is installed.