"Evaluating browser-based cookie setting options to help the UK public optimise online privacy behaviours" (PDF), a study for the UK Department for Science, Innovation and Technology on consumer preferences conducted between Aug and Dec 2023, concluded that:
"...We recommend that any future cookie setting option should be interactive and detailed to a sufficient level that participants understand the real-world impact of accepting or declining a number of different options, e.g. that ‘functional’ cookies include login details, website preferences (language, currency), see Appendix 2, Figure 5. These setting designs secure stronger engagement by breaking participants out of the habit of automatically accepting all cookies purely for the sake of expedient access to the browser; furthermore, participants are satisfied after such a process of critical engagement...
...People remain divided over the idea of browser-based cookies. To improve sentiment, any future browser-based cookie settings should include features that will enhance web users’ feelings of control over their data (e.g. frequent prompts for updates, options to adapt preferences by types of websites, or for specific websites).
Participant engagement and satisfaction improved when they had access to more functionality details, an interactive interface to select their preferences, and timely prompting about privacy. As a result, should browser based cookie management systems replace the website level settings, we recommend that browser-based cookie setting design should attempt to disrupt users’ habits of automatically accepting through novel designs to create a dissonance with what they are used to seeing. Furthermore, any cookie settings that encourage participants to make a privacy-protective choice will lead to higher satisfaction regardless of initial preferences."
But if there's too much detail in the expanded info, users may just ignore them. And I'm not so sure about frequent prompts to users... that doesn't provide a great user experience. Strictly, when users have accepted cookies for a site, they should probably be told about their right to withdraw consent to cookies everytime they return to the site, but that doesn't really happen, at least not in a "disruptive" way, presumably because that's not great for UX too (popups continuing to appear even if you've accepted cookies previously?!).