This is generally true. These VPN services are security theater as tracking has moved beyond IP address. They are likely masking other more nefarious use cases;

This is generally true. These VPN services are security theater as tracking has moved beyond IP address. They are likely masking other more nefarious use cases; and in many cases, deliberately and willfully aiding and abetting therein (for example forwarding BitTorrent traffic to other "Non-Copyright/DMCA Participant" countries, forwarding users through faux residential IPs for 'streaming', etc.).