I assume that the company (Ledger) sees your IP address only if you use Ledger Live, but I leave it possible that the hardware wallet itself has some hidden communication with the company even if we use another wallet like Electrum. However, we must not forget that when initializing the hardware wallet, we have to connect the device to Ledger Live, and we have to download coins apps or even upgrade the firmware, so I wonder how much sense it makes to hide later.

From everything that I have personally read on this topic, it seems to me that from the beginning the whole thing was actually in trust between the company and us (customers), and now it all came down to Ledger literally saying "yes, we can extract your seed from our devices, but trust us we won't share it around unless you pay us $9.99 every month".

The problem is, of course, that the company thinks that way at all, because most of these so-called "crypto messiahs" think that we are all just idiots who would lose everything we have if it weren't for their companies and their services/devices.