TL;DR: Reddit is removing the option to opt out of ad personalization, targeting ads based on user activity. Some specific ad categories can still be limited, but there’s no more opt-out option.
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Is that even legal in the EU?
In select countries, the option to turn off ad personalization will remain, allowing Reddit to continue to comply with GDPR restrictions.
If it’s anything like Twitter, it resigns you up to them anyway. There’s no “turn off all” as far as I could see. The missus has to run some JS to untick all the boxes for her. Next week she’ll go back and it will have ticked more.