Does windows digital entitlement do anything more than activate your copy of windows?

So I understand the basics of how windows digital entitlement works, your hardware fingerprint is sent to windows activation servers and if it matches a machine that’s already activated windows once before your copy is automatically activated, but I was also wondering if this is the only thing this process does, effectively changing an activated = false to an activated = true in your machine, or if it actually carries any data about the machine before like settings, files, logs etc. I wiped my computer for a fresh install of windows as I am thinking of selling it, but would like the peace of mind that this is essentially a new pc. PS. My activation is not tied to my windows account, and this new instance of windows uses no Microsoft account and only a local account.