Google promises exactly that for G Suite accounts, see https://support.google.com/googlecloud/answer/6056650 for more details. However, there is a trade-off that some services won't work with G Suite accounts, as they weren't changed to not track.
If you read between the lines, it looks like that they still "create advertising profiles" if you're a gsuite user. They repeatedly state they don't "scan [...] for advertising purposes", but they only mention not creating advertising profiles under gsuite for education. My interpretation is that they might not be scanning your emails, but they're still building a dossier on you.