I was SRD'd last year and that final black day in the office, OGC emailed my boss "alleged" evidence I took secret company documents. Their evidence was a deck of paper an inch thick listing every email and keystroke I did, printed, saved to a USB, or sent to myself during that final week in the office.
The boss confronted me with it and threatened that if I refused to turn over to him all those corp "secret" docs and my USBs - then I forfeited my 30-yr pension, severance, and medical coverage. Sigh! Fortunately I wasn't too worried because the docs I wanted/saved to my USBs were simply pics of vacation trips, friends emails wishing me luck, my old PRs, pics of my pet cat, and all the stupid forms HR was emailing the 7,000 who had to leave Ford by Friday. So I let the boss look at my printed papers, and my USBs (to prove I hadn't taken anything that wasn't mine). He discovered what raised the OGC's hackels were my old PRs and the HR forms. OGC mistakenly believed my old PRs, and HR's separation forms / retirement option data / a Rt Mgmt contact name / NESC's phone number were all secret company docs. Oh please! The boss disagreed with the OGCs allegations, told them where to go, and I left an hour later with my USBs and pension intact.
So yes they use it. But if you're doing your job, is it really a big deal that mgmt may be tracking what you type, or what sites you visit?