Yes, because I have talked to the owner of my favorite LGS, who explained how they file them, and how long they must retain them, and that the ATF has the right to come and inspect them, but at least in his store they have not collected any data from the. They have spot checked them to verify all fields required are completed, but most of they have never been seen by the ATF, except as a folder full of paper.
Can't speak for background checks at the time of purchase because it works a little different in NC. We either get a PPP (Pistol Purchase Permit) from the sheriff, good for one handgun, or multiple long guns, and you can get multiple PPP's from one application. Or we simply show our CHP, a.k.a. the gold card for handgun or long gun purchases. Basically no NICS checks are run at the time of purchase, thus no information about what, when, where any purchases are made. The seller merely files the paper 4473 in their back room, in case the ATF want a look see, or does one of their audits.
And a 100% legal sale between individuals, no 4473 is generated. At least that's how it works in NC. My last such purchase, the seller doing exactly what he should, I showed him my CHP, we both filled out a bill of sale, which I kept, and handed him the cash. The only government documents involved where the Federal Reserve Notes I paid him with.
Pretty sure that our government does not yet have the ability to read a bunch of papers stored in a fireproof filing cabinet in the back room of a gun store.