I just got a new Vizio, I only connected it long enough for it download the latest firmware, and then neutered it by removing the Ethernet cable.

You can bypass the acceptance of the privacy policy entirely and it just disables all the smart features (can't use any of the apps or cast to it with Airplay or Google Cast), but will still download firmware updates and install them.

From the network capture I did on it, if you don't accept the policies it only reaches out to the update servers for the firmware, and that's it. Nothing else.

I have a 2016 model Vizio that came with a very simple remote without a menu button, expecting you to use a mobile app for all settings. They made a more complete remote available 18 months later as a separate purchase. If you didn't buy the remote you could get softlocked not being able to navigate away from the Smartcast channel.

While the remote does have a menu button, many settings continue to be available only via the mobile app.