I switched over since I heard it was more privacy friendly than YouTube and have been using the platform for a while without issues, but this cookie banner just popped up. You can opt-out of things like "Access precise geolocation data" but a lot of other information is still shared by third parties and not opt-outable.
It seems "Reject All" is the correct choice here, but I'm not sure if it is the best choice for browser users who have to constantly log back into their accounts.
Be careful... Don't just click "Reject All." There's a category called "Legitimate Interest" that will still be enabled.
It was meant to be a way for websites to collect relevant data for adjusting content to your interests, but it's been so loosely defined in legal requirements that literally any advertiser could pull your personal data through that category and use it however they want. This legal loophole is how websites continue to collect data and build profiles on you without violating the law. And clicking "Reject All" won't disable anything in that category.
As much as it sucks, you still need to review all categories and manually change your advertising settings, then click "save preferences" (or however it's specifically worded) instead of just clicking "Reject All."