Yes and no, total cookie protection prevents cookies from loading from other sites, CHIPS is a new standard that makes it so that that is impossible* to begin with. (simpifying here but thats the idea)
CHIPS is similar to the state partitioning mechanism implemented by Firefox. The difference is that state partitioning partitions cookie storage and retrieval into separate cookie jars for each top-level site, without a mechanism to allow opt-in to third-party cookies if desired. As browsers start to phase out third-party cookie usage, there are still valid, non-tracking uses of third-party cookies that need to be permitted while developers begin to handle this change.
so this adds a setting to allow a site access to shared 3rd party cookies, when the site supports the feature?