Yes, excluding URLs in Performance Max only prevents ads from appearing on those specific pages; it does not impact conversion tracking. Google Ads still tracks conversions if the Google Tag Manager (GTM) and Google Ads conversion tracking are correctly implemented.
Ensure that conversion tags fire properly on all key actions (purchases, form submissions, sign-ups). If a URL exclusion accidentally removes high-intent landing pages, conversions may drop.
To prevent issues, review excluded URLs carefully and use Google Ads Conversion Diagnostics to verify tracking accuracy after exclusions.
Always test conversions after making changes!
