No, Floc will not "eliminate the ability for advertisers to track specific users with cookies", the phase out of third party cookies on Chrome will do that, Google needs something to replace the current tracking method for his ad business and is trying to push Floc to do that. But this are two separate things that OP seems to mix up, Google needs something to keep tracking and is painting the notion that third party cookies can not be phased out without implement Floc before, and is not the case.