Good to know that Apple does not collect and store this data. The original issue, however, is that the banks continue to share this data with wallet providers. I have seen notifications on my phone wallet when using the physical card, which I found suspicious.
From the brief research I did trying to validate your claim, it looks like there's a second feature you can opt into that tracks transactions similar to a budget app. But as far as I can tell that's a distinct thing from the payments part.
