Yes but this is local to your browser and you’ll be able to edit and/or clear it out if you choose.
It’s not perfect, and I’m aware of which community this is, but this is vastly better than 3rd party cookies.
You say that as if clearing out cookies isn’t also a thing one can do. All they’re doing is opting you into more directly handing them your data. And I didn’t see any mention that cookies will be discontinued by them anyway.
In the end, the big problem here is that it’s being routed as a privacy feature when it’s anything but. It’s just a different kind of privacy violation.
It’s simply not about privacy so it shouldn’t be labeled as such.