Security and privacy

Yes, Moodle follows the principles of "informed consent" well enough. Users just need to see the informed consent before any cookies are saved to users' caches, i.e. before they log in.

Adding Javascript (JS) from Google's servers is likely to do the opposite to what the EU are trying to achieve with their directive; they want to raise awareness of web surveillance and reduce the amount of it, rather than push yet more data, i.e. users' IP addresses and HTTP headers as well as whatever JS surveillance code is running alongside now or whatever they might surreptitiously add later to the cookie consent message getting pushed to Google's servers.

Also, Google's cookie consent won't work if users have JS blockers installed in their browsers (increasingly common these days since the vast majority of security threats are JS-based) even if they white-list your Moodle's domain, thereby defeating informed consent.

tl;dr - Using Google's JS consent may not comply with the EU directive.

I hope this helps!