Edit: to be clear because this gets downvoted - when I'm saying "does the same", I mean both options will be treated as "I do not give consent".
The confusion would probably be quickly resolved when the dialog closed after clicking Reject all, but perhaps changing the wording of "Confirm my choices" to something like "Allow checked" would make it more clear it is a sibling of the other two buttons (and that checked means allowed).
I get it: the intent is that there's always a quick, one-click way to broadly consent/not consent. But with how this is designed, after clicking Accept All or Reject All, I'm left wondering what Confirm My Choices did. (Maybe it persists my consent on subsequent visits? I dunno.)
Perhaps, "Confirm My Choices" (or better put, simply "Submit") stays, but change the "Accept All" and "Reject All" buttons to "Select All" and "Deselect All" buttons, respectively. These buttons should only serve to change the state of the checkboxes without submitting.
I tend to think that the one click flow serves users and respects their time more, even if it comes at the cost of having confusion about the difference between "Confirm my choices" and "Reject all". It's bad when consent managers confuse users between agreeing and disagreeing, but if we're making users confused between two good options, I personally think it's an okay price for a one click and you're done experience.
That's a fair tradeoff. "Reject all" should be one-click imho.