Giving an advertiser the somewhat opaque output of a totally opaque black box transfer function conveys less reusable information than giving the advertiser all the personalized inputs to that black box.
It's not exactly the same, but the claim was that it's "much" less bad, and in the presence of microtargeting I don't think that holds up. It's not all the information but it's a lot of important parts. Combine several ad outputs and it's way too much.
In my view, it’s in no way the same information.