How does Google win? Their business is search -- advertising on other sites is more of a side gig for them, and from their own description of their privacy sandbox, even they would not be able to track people across sites.

The changes to the web platform necessary to protect user privacy will require reinventing the industry (which will naturally pick winners and losers).

I expect that Google will come out in the end doing well, but that's not because they have a competitive advantage here, but instead because these changes don't really affect their core business (at least no where near as much as the proliferation of paywalls and app-ification have).