Sort of. First, you can turn off a bunch of auto-play previews and the fact that it shows you stuff you haven't added to your "Up Next" list via the System Prefs. I have done this successfully and I no longer get any animated previews of videos I'm not interested in.

The AppleTV app (which you don't need to use) itself shows what shows you're watching and if you scroll down or across the categories at the top shows you what shows are on all channels it knows about. That's significantly less problematic than showing ads for arbitrary products. It does know what you've watched because it does stuff like launching the apps for you, and I wouldn't be surprised if they use that data internally. I've never seen an outright ad on my AppleTV other than when watching videos on an app that has ads (YouTube, for example).

I have found the ability to see all shows on all channels at once very useful for deciding if I want another service or not. I also sometimes see a show is available on service X, decide I don't want that service, and check to see if I can buy or rent just that one show (or movie) on iTunes. The answer is yes as often as not. Very handy!