I’m not so worried about Zoom adding fancy autocomplete (“training our models”) as I am with them licensing it out. This is what section 10.4 says before the caveat:

You agree to grant and hereby grant Zoom a perpetual, worldwide, non-exclusive, royalty-free, sublicensable, and transferable license and all other rights required or necessary to redistribute, publish, import, access, use, store, transmit, review, disclose, preserve, extract, modify, reproduce, share, use, display, copy, distribute, translate, transcribe, create derivative works, and process Customer Content and to perform all acts with respect to the Customer Content, including AI and ML training and testing.

I don’t think that extra caveat even addresses licensing meeting content to third parties for training A.I.