If your problem is targeted advertising, then yes, this definitely isn't trying to solve that. The goal here is to solve your data being leaked all over the internet.

We can have an entirely separate discussion on whether the value of targeted ads. You named a few downside but are completely ignoring the upsides. The fact that without them, anyone other than large corporations would be entirely cut out of advertising their product. Any small business or creator with a niche demographic is basically screwed.

If you make an app for some video game, a cure for some specific disease, gear for a specific sport, all those people would basically be locked out of advertising their products.