As my hosts-file and ad/script blocker are configured to block tracking and advertising I always click: Accept all.

This is by default the quickest way to get to the content. Without compromising privacy by using addons.

Wouldn't that still allow advertisers to track you through your IP or other means?

The extension in my browser block the outgoing call. If something goes through the host file redirects this to my local host that doesn't answer.

So no - advertisers never "see" me.

The website you're connecting to could still log your IP and since you've agreed to tracking they can sell it on to advertisers.

Hmm. How does one block ads without a plug-in?

You alias all the known ad-serving domains to unresolvable stuff in the hosts file. I just used one of the lists I found on GitHub.

Exactly that. I would recommend something like this [0].

[0]: https://github.com/StevenBlack/hosts