In its current stable version Google Chrome 80, The users have the ability allow or block cookies on all sites or simply block those coming from third parties. When the second case occurs (cookies from third parties), some sites report a warning that says they may not work properly because of the enabled restriction.
Here is a brief description of cookie date:
"Cookies are files created by sites that you visit. Sites use them to remember your preferences. Third-party cookies are created by other sites. These sites have some content like advertisements or images, which you see on the website you have visited ".
One of the new features added, when the experimental feature is activated, prevents sites from reading and storing cookie data when surfing the Internet in incognito mode.
The second new option lets you block all cookies. However, this is not as good as it can be completely affect your browsing experience across multiple sites.
Of course, there is still the possibility of excluding some sites, even when the feature. This means that you have the option to block cookies on all sites but you can leave some.
The flag that activates the four features (the two existing and the two new) is called "Enable improved cookie controls in UI in incognito mode“. You can search for it in the 'chrome: // flags' experimental area.
You can also find the experimental flag in the current stable version of Google Chrome, but it appears that the new Cookie menu is not activated with it.