That is absolutely possible! Within your tag manager, you are in full control of which data gets tracked when. For that reason, it's easy to limit the scope of what is tracked in relation to the consent status. Naturally, what can and can't be measured entirely depends on your company's interpretation of the legal requirements, so the specifics are something you need to figure out internally.
While this already allows you to control which variables get set or not, you can also utilize the many customization options of the Adobe Analytics library to tune cookies to your exact requirement. For example, leveraging the cookieLifetime variable will allow you to control if and how cookies are set, even going fully cookie-less, which might be relevant to your use case.
If required, you can even use the Data Collection API directly to hand-craft privacy-friendly requests that go directly to Adobe Analytics without any library being loaded. It all depends on your exact requirements, but Adobe Analytics can certainly cover all of them!
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