If it's anything like the cookie consent, it will just be an annoyance and nobody will be anything wiser. The amount of "no clue what this is" among non technical people I know is 100%. But the EU pats itself on the back cause they're tackling privacy issues. It's a joke.
>>If I refuse tracking for ads, then a newspaper can’t refuse me access to their articles.
This arbitrarily limits the range of businesses that can exist. For the sake of people who value their privacy having nothing denied to them, it reduces the services available to everyone.
The rules involve "degradation of service", which is related to existing customers not new ones. So if you have a newspaper subscription and you request that they no longer use your data for a purpose, they cannot cancel your subscription or degrade your service (unless it is impossible to provide a service without said data).