Apologies in advance for this level pedantry: Google’s business is behavioral futures, not ads. Ads are just a means to that particular end.
If they're doing surveillance they're not doing a good job of it, I make no effort to hide from them and approximately none of their ads are personalized to me. They are instead personalized to the search results instead of what they know from my history.
Meta is the one with highly personalized ads.
If simple keyword matching was enough, why would they spend literally billions a year on other tactics?
It does help with their Doubleclick business - ads on websites other than Google. I don't find these too personalized either, but they do try.
And of course, many people actually like that Chrome saves their browsing history.