This is a nice proposal overall. I'm not sure I agree with the bans on health, religion and sexual orientation (depending on your point of view such ads can be exploitative or useful) but I agree that targeting minors is not cool, and I like how the proposal makes targeting off-by-default and requires your consent.
It sounds like they're also trying to make things like Do Not Track legally binding:
In order to avoid fatiguing recipients who refuse to consent,
terminal equipment settings that signal an objection to processing
of personal data should be respected.
This would be a massive win if you ask me. I don't want to be bombarded with consent bullshit all the time, and I also don't want my privacy violated.