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It is "email address OR phone number" which is a little better...at least not giving them a free correlation. Though I suspect they usually already have it.

Yep, "OR", just tried it: https://transparentadvertising.org/

It displays this caution twice:

"Note: this choice may limit your ability to access ad supported content."

Given they likely have everyone's Gmail address anyway, I have no problem opting mine out. I won't bother opting out my other addresses though; I doubt they correlate them all to the same person, since they are all different domains.

Things like this being opt-out make my skin crawl.

I don’t trust them but since my info has been breached dozens of times by now I assume it’s public and rely on my spam filter.