That could be (probably is) but in several years of using gmail as my primary email I don’t think I have ever received a directed topical advertisement from a company I don’t already do business with. You’d think there would be lots of hobby type stuff coming corresponding to my hobbies. None, from other companies. There is lots of general spam, of course, but that goes to gmail’s spam folders.
I’ve gotten reports of the exact opposite from other gmail users.