What Consent Mode actually does
Google Consent Mode is not a cookie banner. It is a small API between your consent banner and Google's own tags: the Google tag, GA4, Google Ads and Floodlight. The banner tells Google four things about the visitor's choice, and Google's tags change how they behave accordingly.
The four signals in Consent Mode v2 are ad_storage, analytics_storage, ad_user_data and ad_personalization. The last two arrived with v2 and have been required for advertising in the EEA and UK since March 2024. A site that only sets the first two is running v1, and Google Ads treats its EEA traffic as unconsented.
Two things follow from this. First, Consent Mode governs Google's tags only: a Meta Pixel, a TikTok pixel or a Hotjar script never read those signals, and gating them is a separate job. Second, the default state has to be set before the Google tag loads. Set it afterwards and the tag has already decided, whatever your configuration says.