in a VM with no networking, yes, and no USB device sharing, and no filesystem sharing, and no clipboard sharing, and...
we'd also be careful to not modify the VM's screen size when you resize its window; that's an easy privacy leak to miss. window sizes can be surprisingly identifying.
don't do GPU passthrough if you're worried about malice, it's too much attack surface
giving it GPU access might be safe on commercial software that's older, like we'd personally say anything from 2010 or before, but nothing more recent. the reason we say that is that hypervisor escapes and attacks on VMs are comparatively recent. we have no concrete knowledge to suggest that privacy attacks on VMs are deployed today but they would certainly add business value to the functionality of analytics and advertising SDKs, and the internals of those SDKs are not readily inspectable and drastically under-researched, and every modern commercial program bundles them. so if your goal is to have solid guarantees about what's going on, you should assume that such things could be happening.
a friend's project, SpectrumOS, may eventually offer a sort of GPU firewall. it's not production-ready yet though, so... someday :)
anyway, using a VM with everything locked down is probably sufficient for commercial software; that's a guess, but it's an educated one. for malware analysis, people use physically isolated machines with no network cable and no antennas and no microphone. even that has its limits; we're aware of attacks that have been demonstrated in the lab, but only state actors would have any interest in productionizing them, so it's impossible to know whether they have been.