Ask HN: Do podcast ads depend on my IP address?

I've noticed some particularly well-targeted ads for some relatively local services in podcasts I listen to.

I've also had podcasts that go to commercial break, only to come right back to the program without actually advertising anything. That'd be a weird editorial choice, if there's no actual ads. I assume they just didn't sell the spot for whatever audience segment I fall into?

I don't consume podcasts through any app where I log in to anything, so it seems like it would be hard to build a reliable profile on me based on anything except things servers get when requests for the files are made.

So? Could it be that the podcasts I listen to serve episodes that differ from listener to listener?