I checked what "Apple’s Personalized Advertising privacy setting" actually means and this is the data that is collected to target ads:

- account information like name/address

- app downloads and subscriptions in App Store

- what news articles you looked at in Apple News/Stocks

- podcasts/movies/books/etc you downloaded via iTunes/TV

- which ads you clicked on previously

https://www.apple.com/legal/privacy/data/en/apple-advertisin...