Yes, since new ToS have always been retroactively applied to all previously collected data they offer zero privacy protection over the long term.

Google Has Dropped Ban on Personally Identifiable Web Tracking | https://news.ycombinator.com/item?id=12760003 (October 2016)

An effective opt-out may help most of the vigilant, but it is in the best interest of those changing the ToS to keep it as confusing/hush-hush as possible.