Is the ad revenue the same with and without tracking? I have no experience of this, but economically, it seems unlikely that less personalized ads would pay as much as more personalized ads due to likely lower click-through rate?

It’s significantly less without tracking unless you have other methods of demonstrating your audience is sizable and niche.

We do not have Google Ads or other Ads on entrylevel. Our tracking is Google Analytics, Mix Panel, Sentry, and Facebook Pixel. Other tracking software has been disabled since I passed my free tier haha. We only track for analytical reasons to improve UX and for bugs.

exactly.