Earlier quoted context omitted.
It doesn't change the status quo. Important data wasn't put in cookies before, and it wont be after. It was always a recipe for data loss. Server side, or if you need privacy, have the user export to / import from a local file.
This is also about IndexedDB. Imagine native apps had all their data wiped if you don't open them (with an active internet connection) every 7 days. Not just on an iPhone, but also on macOS.
If browsers asked approval before using localstorage, we wouldn’t have this decision.