No, but it will slow the innovation in that space, which I consider to be a positive development. It's on-topic, because slowing innovation is why people are complaining about Google's position being strengthened.
(Also, my perhaps naive hope is that the better the Google's market share here, the more damage will be caused by EU regulating the space.)
His point it seems, was that strengthening Googles position (by making it harder for competitors to comply) was a price worth paying for stronger privacy protection afforded by the GDPR legislation.
The point was that his comment was a non-sequitor. The EU strengthening Google's monopoly position will not make advertising go away.