Basically, here is the notification:
This states that we will be able to opt-out on August 7th, and that the sale, sharing, and processing of our data will also occur on that date. Based on the wording, and the wording in the privacy policy, I believe that this would include allowing the use of the data for the aforementioned purposes immediately on the policy taking effect (not giving us time to stop ROBLOX from sharing the data it has already obtained). I believe that it was likely oversight that led to these two dates being the same. For this reason, I determined it reasonable to mark this as a bug, as it would be unreasonable for a few seconds of not opting out to constitute permission for the use of any data already collected like this.
You can see a full post on this matter I put in Development Discussions here: https://devforum.roblox.com/t/significant-privacy-change/3093332
Expected behavior
I expect that ROBLOX would give us time (preferably a week or starting on August 1st, or as early as this post is seen) before ROBLOX turns on the sale, sharing, and processing of our data, including data collected before August 7th.
A private message is associated with this bug report