Yes, Google has done a u-turn and is no longer removing third party tracking cookies from their browser (advertisers rejoice) but for those of us who were dooms day prepping it has not been in vain as this is likely a temporary reprieve rather than a full-scale reversal.
Advertisers who have invested in developing alternative tracking methods, such as API conversion tracking will find this is far from wasted. At this stage it looks as though Google will give users of their Chrome browser the option to turn off third party cookies, giving people more control over their privacy. Add to this alternative browsers that already block third party cookies such as Safari that make up 18.56% and Firefox 5.8% of Internet usage and even browsers such as Microsoft Edge which gives users the option to restrict or turn off third party cookies. The underlying trend towards increased user privacy remains steadfast.
So while there may not be an all out cookie apocalypse, what we are seeing is a slow deterioration of the effectiveness of third party cookie tracking in favour of privacy and giving users the option to manage their own privacy. Ultimately alternative tracking methods we would deem to be the way to go moving forward.