Old: Google collected data, kept it on their servers, and sold advertising against that data. They don't ask permission, they don't let you black out categories you don't want to see advertising against. Nor do they (effectively) prevent malicious actors from using that advertising to sell content to manipulate people.

Now: Exactly the same, only Google uses your hard drive to store the data.

There are some privacy issues addressed by this, but it doesn't address many of the issues with personalized targeting.

It's neat when you are talking about things like fishing, but targeted advertising has also been used in multiple countries to manipulate elections by outside governments. It's also been used to out gay people and racist marketing.