(The reason the permission is so dangerous is they can trick you into pressing the wrong button by relabeling dangerous text with innocuous text.)
Well, that depends on the other apps you have installed. Unless things have changed in newer versions, apps can do IPC regardless of network permission, so any app can for example use Cronet to make network requests via Google Play Services, regardless of the toggle.
Or, it would be wild, if it weren't fairly obvious that this is just Google protecting their mobile ad revenue.