Windows 81 And Windows Server 2012 R2 Privacy Statement For Installation Features Key |work|

No. The product key (used for activation) is separate. The Installation Features Key controls telemetry about feature installation success/failure , not licensing validation.

: Unique hardware "fingerprints" to tie the license to that specific machine.

—a non-unique identifier of your computer's configuration—along with the product key to Microsoft. This "key" association ensures the software isn't being used on more machines than permitted, but it also creates a permanent link between your hardware and your license in Microsoft's database. Privacy as a Choice (and a Challenge)