Configuring Contact Recognition in Kentico 9

Our organization is looking to utilize the marketing automation and contact management tools in Kentico. Recently, I ran a test by creating a contact group for people who have submitted a particular form. However, we noticed that because visitors are consolidated by IP Address and recognized as the same user, we are not able to fully utilize this tool.

It looks like Kentico 9 recognized this issue when reading this documentation, yet ours isn't working because we believe we must have configured it incorrectly.: https://docs.kentico.com/k9/on-line-marketing-features/contact-management/working-with-contacts/configuring-contact-recognition

Is it safe to say that if we turn off "Log IP addresses and user agents" it will not longer consolidate visitors by IP Address? And if we do this, does the system no longer log the IP address for the visitor anywhere, losing the ability to geo-locate, etc.?

Thanks for any feedback and help!