That's how GDPR is commonly advertised, but for those who actually have to implement it, i.e. small to medium-sized businesses (large companies basically go scot-free, because a. they can afford legal departments to deal with GDPR how they see fit and b. local authorities can't be arsed to investigate the privacy violations routinely committed by companies such as Facebook or Google), the picture is much more complex, to the extent GDPR becomes an existential risk even to ordinary businesses that don't do anything unexpected or untoward with their users' data, for instance:
- In certain larger EU countries you're not even allowed to record a website visitor's IP address (because some court has decided those count as PII) and consequently have to jump through a ridiculous amount of hoops to make sure it isn't.
- You have to make sure that any service provider you're working with complies with GDPR.
- Currently, due to an ECJ case ruling informally known as Schrems II (https://www.gdprsummary.com/schrems-ii/ ), you're not allowed to store any user data with a company affiliated with a US company in any way, which boils down to virtually every business and the economy as whole being in violation of GDPR.
Now, it's often argued that the EU and GDPR aren't to blame for this because it's the US CLOUD Act that created this issue. Technically, this is true and the CLOUD Act indeed is hugely problematic, to say the least.
However, the problem remains and it's on the EU to negotiate an agreement with the US that allows companies to legally do business in the real world (as opposed to an ideal world according to GDPR) again.