Isn't it already against Google Analytics' policy to put PII in the platform to begin with?
https://support.google.com/analytics/answer/6366371?hl=en#zi...
https://support.google.com/analytics/answer/6366371?hl=en#zi...
Then there's an argument that the IP address still reaches Google servers before it's deleted. But that's just splitting hairs at this point. If Google doesn't process the data with IP the IP address I see no harm.
IP addresses are not something that you can choose to not send at all. It's kind of required by the TCP/IP stack. If that was the case users in EU could not access any website in the USA.