From what I understood from my American colleagues, unlimited PTO is mainly a way for companies to stop employees from accumulating it and getting it paid out. So now not only can you not really take more vacations than before, but you also miss out on getting them paid out instead.
Not OP, but probably yes. Unlimited PTO is not uncommon in tech.
Of course if you try to do some shenanigans like taking two months off they will simply fire you.
From what I understood from my American colleagues, unlimited PTO is mainly a way for companies to stop employees from accumulating it and getting it paid out. So now not only can you not really take more vacations than before, but you also miss out on getting them paid out instead.