Not quite? Maybe this will add more bits that will be useful for fingerprinting, but this seems like an absurd way for google to go about making it easier to fingerprint browsers, considering that most browsing happens over Chrome where Google can see what pages everyone visits anyway. And Google is currently proposing adding anti-fingerprinting measures [0] that observe how many bits of information a website has gathered and block API access after it reaches a certain threshold.
A straightforward analysis of Google's motivations makes sense here: they want to keep their ad business profitable while improving their reputation on privacy. FLOC allows targeted ads, keeping their business profitable, and doesn't rely 3rd parties observing your browser history, improving privacy.
From https://web.dev/floc/ :
> With FLoC, the browser does not share its browsing history with the FLoC service or anyone else. The browser, on the user's device, works out which cohort it belongs to. The user's browsing history never leaves the device.
> There will be thousands of browsers in each cohort.
A further privacy improvement is that they're designing it to avoid leaking whether you're a member of a "sensivitive category":
> The clustering algorithm used to construct the FLoC cohort model is designed to evaluate whether a cohort may be correlated with sensitive categories, without learning why a category is sensitive. Cohorts that might reveal sensitive categories such as race, sexuality, or medical history will be blocked. In other words, when working out its cohort, a browser will only be choosing between cohorts that won't reveal sensitive categories.
[0]: https://techcrunch.com/2019/08/22/google-proposes-new-privac...