But from what I think I know that's kind of right technically, but kind of not in terms of actual real privacy.
Yes, the actual browsing data, e.g. for the basic floc cohorts only what amazon product page you visited, is no longer 'sent' to ad networks (that's a pretty big oversimplification of how ad networks track you but for brevity). That data is parsed in your browser to generate a cohort ID for you.
But this cohort ID is exposed to the world document.interestCohort() and is what's used for targeting and tracking.
To me it seems that the cohorts are so small "thousands of people" + IP or UA it's basically the same as a semi-long lasting uuid.
And if you have like even 10 different cohort IDs, even if some of them are 'fake'/'noise' that's probably enough to ID you alone
Here's an image from google's site.
https://web-dev.imgix.net/image/80mq7dk16vVEg8BBhsVe42n6zn82...
It also seems like Chrome/google might be still defaulting browser settings to give themselves even more data just like they currently do?
https://github.com/WICG/floc#qualifying-users-for-whom-a-coh...
BUT when you layer on the other proposals (Fledge/Turtledove/Dovekey or whatever) - which I don't understand that much maybe someone else can explain - it seems like it basically collect this page/product level data and makes it available to DSP etc for tracking/ad serving (again if not technically 1:1 basically in consequence given the sizes of these groups).
Like one of the proposals talks about a 'trusted' key/value server which doesn't seem that different from what already happens? The original proposal wanted to move the entire ad bid/target/serve process into the browser.