Do Apps Track You When App Tracking Is Turned Off?

Greetings all,

I have a question regarding the way apps on the iPhone may or may not track you.

Some apps in the App Store have a section that describes the "Data Used To Track You".

I am wondering: does this section even matter if I have the "Allow Apps to Request to Track" switch turned off? (Settings --> Privacy and Security --> Tracking)

Does having this setting turned off automatically block any potential tracking, even if it says in the App Store description that data is collected for the purpose of tracking?

For example, I have the "allow apps to request to track" switch turned off. Outlook is an app on the App Store that says it collects "Usage Data" in the "Data Used To Track You" section. If I download the app and use it on my device, would this app still collect "usage data" for the purpose of tracking, even if the "allow apps to request to track" setting switch is turned off?

Thank you!