Will these options impact other apps in iphone i.e tracking will be disabled if email account is configured in GMAIL app.
iOS 15: App Tracking
To be frank no not at all. If your iCloud account is configured and set up with that particular device then tracking will always be enabled unless you turn off "Find My" and "Find My Network". Find my Network continues to track the iPhone despite it being powered off which is already on with the IOS 15 update,