Yes but how does it change based off my IP? I am not saying you are wrong, I just don't understand the mechanism.
Edited to add:
Okay, I did a little research on a fine Sunday, and I think I figured out what is happening.
Apple is allowing a handoff to third party podcast distributors, and they are doing the dynamic ad insertion (DAI) based off the information (our IP, etc.) based on that handoff. We, using the app, just see Apple Podcasts allowing a download of the podcast episode, but behind the scenes, it is actually downloading from somewhere else as a go-between. Kind of annoying for a privacy-based company. Find out more here:
Launching this fall, Delegated Delivery helps creators distribute their premium and free audio through their participating hosting provider. Learn more about how it works and which hosting providers have committed to supporting it at launch.
podcasters.apple.com