That page is for all UK organisations.
If your UK business processes data then it should be registered with the ICO & comply with GDPR. The fines scale, as you say.
Cookies are part of that personal data ecosystem in GDPR. I gave up wondering why a long time ago. Simply storing personal data - including cookies - without consent is a breach of the law. Which is why every live UK (& EU) site you visit has a cookie consent form.
I’m astonished that having GDPR Cookie compliance isn’t already available in Elements, as any Elements site set live that collects personal data as defined by GDPR won’t be compliant unless a 3d party cookie management tool is used.