Earlier quoted context omitted.
You can do basically this without cookies with daily random salt (which is not stored longterm) added to the ip + useragent hash mentioned in the article.
It's not quite the same though. In the cookie case, you can detect a returning visitor by the presence of the cookie, you do not need to assign an unique identifier. In the hashing case, the hash of the IP and UA counts as PII, at least for the 24 hours while you still have the salt.
NB: this is completely irrelevant except as a mathematical curiosity, because GDPR prohibits any processing of PII (in this case - the fingerprint), not just storing it anywhere, without a legal basis.