Apple is a little like Switzerland in this because it's giving the corporation deep control over your personal device. It also gives you very granular details on what any specific Device Enrollment Challenge will do on your device. (You get an overview of the capabilities before you opt in to trusting the enrollment - but you get the details once the profile is actually installed by inspecting in in the Settings app under Profiles).
You can make a back up of your phone and then install the profile. Once it's installed, you can inspect all the changes it can and has made and then decide to remove the profile / leave the profile / wipe the device and start from your backup.
If you are interested in testing out your own MDM, you can avail yourself of a free solution for 3 devices called Bushel.
n.b. I don't get any compensation from Bushel/JAMF - just a satisfied tester and now user of the cloud based service.
Once you set up Bushel, you can see the sorts of things that MDM does and make your own signed profiles to test things out before you decide to trust your IT department.