Yes, but companies have mostly chosen the most annoying method they possibly could have to implement that. If either non-strictly necessary cookies were required to be off by default, or there were a button that does the equivalent of denying all non-essential cookies, then you'd be halfway there. If it weren't a modal, but a small banner at the top or bottom of the screen that allowed you to operate with non-strictly necessary cookies turned off and gave you options to turn them on, that would be even better.

I guess the EU just needs better product managers or something.