Your last point would more accurately be stated as "If we are going to have tracking, ..." To which I say, let's not have tracking at all, instead of choosing

Your last point would more accurately be stated as "If we are going to have tracking, ..." To which I say, let's not have tracking at all, instead of choosing between crappy cookies and even more potentially crappy FLoC. Reverting to advertising without tracking is entirely possible, it just disenfranchises a whole host of greedy manipulative jerks who will do anything for a buck.