IANAL but European law is nuanced over whether IP addresses are PII. If I'm not mistaken it's been ruled they are for ISPs, rationale being they have enough other data points that once correlated with IP addresses allow to identify individuals. Whether the same applies to Google (I suppose) is definitely not clear to me.
As far as I'm aware/recall, European privacy laws consider any connection back to a telemetry server to count as "collecting" IP addresses, since the telemetry server learns it (even if they pinky swear not to write it down.)
There are Court cases that have established that the very fact that a connection is being established constitutes a potential collection of IP adresses and needs to be declares under GDPR. (this was specifically about sites using links to Google Fonts on their websites, this was enough to warrant a GDPR declaration that IP are being collected or the sites needed to remove their Font CDNs and supply them locally). Under the same Rule, Companies will need to ddeclare this usage of Go Compiler in their employee GDPR declaritions.
I assumed you need consent to receive PII, full stop. Again IANAL, but I assumed saying you don't do anything at all with the PII you receive doesn't exempt you from anything under GDPR. I may be wrong, though I hope not to be.
Opt-out is generally rejected by European privacy laws.