The office install itself won't capture what sites you are visiting. It can collect when, where an office installation was activated, and it's use. It won't report back on the files that you are creating with it.
Where can you get into trouble?
If you configured and use Outlook with your work email address - then your activity is tracked. I would not be using your work email to look for other jobs. Even on your own time this is considered a company resource. Your employer or an Administrator has access to not only the metadata - but potentially your mailbox in full. Additionally the data may be backed up or archived providing another method of access.
Same as Outlook. OneDrive for Business will store data in O365, if you are signed in with your work email, it's saving on what is considered a company resources. Your documents here can be searched and viewed by others in the company. Detailed information on the document itself is available thru different reports depending on auditing level.
Other Office Clients (word, powerpoint, etc)
These guys like to default to aforementioned OneDrive or SharePoint for saving files once you have activated it with your company account. If this was approved for personal use I see no issue with using it to write a resume, or use excel to track opportunities, etc. Just be mindful of where you are saving the data.
Again - because you installed this, it's less likely that the outliers apply. But things like Rights Management and Office Telemetry can give detailed reports on usage including document details. These are things that tend to be deployed in a managed fashion. Rights Management - may be available to you, and if you encrypt say your resume with it, that that will show up in reports.
That all being said - if you like Office and O365, I would buy a personal subscription and just use that and keep all the work stuff off your home PC.