While Microsoft has had a family and screen time section on the web for awhile now, they're now launching an app version for iOS and Android. From Microsoft.com:

It is also important to me that my family’s privacy is protected. I am not a fan of apps that sell or share my family’s location data to third parties. Microsoft Family Safety provides you full control around how and why data is collected and used. Unlike other location-tracking apps, your family’s location data will not be sold or shared with insurance companies or data brokers.

Why specifically list those two industries? Why not just say "...your family's location data will not be sold or shared." and stop at that? Seems a little fishy.

It looks like they'll be adding a Family Subscription paid plan option as well soon:

In the coming months, we plan to introduce two premium features that will be part of Microsoft 365 Family subscription: drive safety to help to build better habits behind the wheel with insights on driving behavior and location alerts to notify you when a family member arrives or departs a specific location.

The latter is already built in to iOS's Screen Time and "Find My..." family sharing on iOS. The former is interesting but likely will require some sort of data tie in to a vehicle perhaps?

Of all the family / screen time platforms, Microsoft's has definitely been the best overall in my experience. Apple assumes each child will have their own device running iOS 11 or newer, which isn't realistic with 3 or more kids in your family. Microsoft lets you set up an account on each device - Windows computer(s) or Xbox One - for each child so it's pretty simple to track time and usage across multiple devices.