Does this work with apps that do their own TLS using their own pinned certs? I don't see how it could. Surely that's a lot of high profile apps these days.
If this app works without root, it must be possible to apps on iPhone to add their own certificates to the system, which are then trusted by other applications - that would already be pretty alarming. I think Android still requires certificates to be manually imported by the user. Maybe this app points you to instructions on how to do this, but the description makes it sound very automatic.
You basically need your own VPN server with Pi-hole installed to control the tracking. It is a very effective way to block this, but not that easy to setup.
https://apps.apple.com/us/app/charles-proxy/id1134218562