Installing that profile allows your company to fully manage your device. That said, I’ve seen profiles that exert more control over what you can and can’t do; this profile looks more lightweight.
Regardless, I would never allow any of my personal devices to be enrolled on a corporate MDM. If this is a requirement, as others have suggested, get a separate iPhone with a separate Apple ID or have the company provide a phone they pay for.
In your particular case it was likely possible that your company could have gone the Mobile Application Management (MAM) route with Intune. Sometimes this is referred to MAM-WE where the WE means “without enrollment in MDM.” With that type of setup the company controls corporate data in applications like Outlook and Teams but nothing else. Remote wiping is limited to the corporate data, not the entire phone.
Source: I’m the Intune admin for my company and set this up for our end users last year, including myself. I can’t see anyone’s personal data, their device phone numbers, etc. I can’t locate their devices, I can’t wipe anything but our company data, I don’t know anyone’s Apple ID. And…I don’t want to. It’s creepy to allow company control over personal devices. Intune’s MAM is a good solution for BYOD.
Note: in Intune it’s possible to use MDM *with* MAM for more control over application permissions, but that’s not what we do.