Hi @ManiK,
As you mentioned the main consideration should be how data is best accessed and seperate your data respectfully.
The meanings of “star schema” belongs to relational databases more than semistructured.
Please note that we recommend having as less collections as possible since having many collections means many files on disk and presents OS limitations as well as memory and disk overhead.
On the other hand, timesieries data on partitioned collections based on day/week/month is a known pattern for MongoDB so it might make sense if it respect the data access requirements as well as your system available resources. Be ready that having many collections may introduce challenges when you decide to shard the environment or might require much more expensive HW to scale.
I recommend reading all of our design patterns and schema antipattern for avoiding or following whats best for you.
https://www.mongodb.com/article/schema-design-anti-pattern-summary
Hope this helps
Best
Pavel