GDPR/PECR, cookie consent, Shopify and Google Analytics - regulatory and important

Hey, it is surprising that this discussion started in 2020 and it is still ongoing on 2022.

I wanted to know if I am getting it right. According to this https://help.shopify.com/en/manual/your-account/privacy/cookies.

You can currently activate the “Limit tracking to EU” and “Limit tracking to California”. Both will automatically limit the tracking to only the necessary cookies and not add Google Analytics or Facebook, and it does not matter whether the user accepts or rejects the cookies, they are disabled (In EU and California).

If you do not limit anything, then Google and Facebook tracking will be enabled, unless user rejects the cookies.

Is this how the default shopify system works?