I don't think this is true, or maybe it means something different when you take the colloquial meaning of what you said. (Maybe "connect" has a precise technical meaning at google.)

I get targeted ads from google all the time when logged out, even on machines where I have never logged in.

There seems to be correlation between targeting on multiple devices until I nuke all the cookies, etc.

Maybe you mean you only tie my profile to my real name and employer() while I am logged in? Or maybe there are N profiles tied to each machine, and one is "logged out but probably owned by a similar / the same person as these other machines".

() We use google's office suite instead of microsoft at work, leading to hilarious privacy snafus.