Yes, there are different levels of opt out...
Opting out of tracking cookies could mean you still have tracking, but that each visit sets a temporary session cookie for the user, and the next visit a new cookie is generated (meaning the same user will be treated as a new user every visit, but you still have basic tracking).
If however, your opt-out is a full "opt out of tracking", then no, you wouldn't get any tracking at all if your are adhering to the user's request.