Does Google tie incognito web history to an IP address/ Unique Identifier and send targeted ads based on that web history?

I was led to believe that I shouldn't be receiving ads based on my incognito browsing history, but I've been noticing my incognito searches/videos I've watched has been showing up as ads or YouTube video recommendations (this could be a coincidence though) i.e. I was watching a bunch of Kerser in incognito but after I was done I saw a Kerser video up in my normal youtube feed

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For example, If I'm in Incognito mode on Chrome and go …

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