Maybe I guess? People keep talking about Google selling user data but that is one thing they explicitly DON'T do. User data is their competitive advantage, not their product. They sell advertising, and advertisers can be explicit in who they target. If Google sells the data, they lose the value they hold to advertisers.

So Google is almost certainly still recording what I do and what I watch. But if I'm not seeing ads related to it, am I paying twice? What makes it different from, for example, Netflix keeping track of my watch history to recommend other shows?

I suppose that the videos I watch might inform the ads I see on search, so in that sense you could say I pay twice. But I don't use Google for search anyway so it kind of doesn't matter.