Just posted this thread to a friend and they said I wasn't being 100% clear, so I apologize. I'll clear things up.
Using EU servers that are owned by a US company (e.g. AWS deployed in the EU, DigitalOcean deployed in the EU) is a violation of the Schrems II ruling. The way you check this is by looking at the IP addresses the analytics software are using, seeing where they're located and who they're owned by. You can then run that IP in ipinfo.io to get information about who controls that IP. If it's a US cloud provider, regardless of server location, it's a GDPR violation.
The English translation of the ruling can be found here. They go into detail within the rulings about the transfer of Personal Data (IP & User Agent) to servers that cannot be protected from US surveillance laws: https://noyb.eu/sites/default/files/2022-01/E-DSB%20-%20Goog...
"This is a very detailed and sound decision. The bottom line is: Companies can't use US cloud services in Europe anymore. It has now been 1.5 years since the Court of Justice confirmed this a second time, so it is more than time that the law is also enforced."
- Max Schrems