I have an extremely difficult time believing this.
Having worked on platforms that use data from millions of users and probably billions of interactions to create features that no one uses. It would seem that even with all of the data that Amazon has been collecting from all of us, the best they can do is show you ads for the exact thing you just bought.
Windows was running in nearly every home long before they were collecting data about everything you did (some people would probably argue Windows has gotten worse since then). Most of my adult life online has been collected and cataloged and machine learned and statistically regressed by now and wielding all this data ads companies have managed to show me ads I've clicked on almost dozens of times.
Sure having more data can be helpful but I don't think it's a requirement. I also think that people can sometimes fool themselves in to thinking that without collecting every scrap from each user and without millions of users to collect from that we can't build great software.