There are always untracked situations like that, but the ROAS for your demographic will so drastically different it’s like throwing money in the garbage to target you.

How likely is a man reading Cosmo to care about tampons vs cups relative to the average man?

How likely is a Cosmo reader to be a cis man?

Alternatively: How likely is a Cosmo reader reading an article about menstruation to be interested in a female hygiene product?

The death of tracking-based ad targeting doesn't mean you have to show the same ads everywhere like an animal. You can still make the ads contextually relevant. And you don't even need to disguise them as native content (which, btw, is illegal in some EU countries already).