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It says at the bottom of the screen
Apple may use information about your payment methods on file or the length of time you have maintained an Apple Account to confirm you are an adult. A valid credit card can help confirm you are at least 18 because you must be an adult to open a credit card account.
So I guess they store your data
Apple stores everything about everyone
Apple does have their own advertising programs, and is planning to roll out new ads (example). Given we know the value of an identified user to advertisers is much higher than an anonymous user, I don't think the timing is coincidence...
Why do we care? Apple is safe
This isn’t Google
It's even creeping into linux
Annoying age verification. Stop the March madness! Who knows how?