What sort of privacy can be expected with Apple Business Manager enrolling a company Mac in a MDM?

I got a new Macbook that is managed by a company with Apple Business Manager. Other than working for this company, I want to use this device for my private stuff too, like freelancing. This would mean storing some projects and applications on the device that I don't want to share with a company that owns this Macbook device - I want full privacy and control over my data. The warning says the company can erase the device and list installed apps, but I’m not sure how to tell what else they might do with their owned and managed device. It would be very helpful to know what extent of privacy and control I have over this managed device?