Hi,
I am also having same problem.
My cookies version is 1.2.3 and recaptcha is 8x.3.2
When I first configure, recaptcha shows up on user register page and cookies to consent.
If a user accept cookies, recaptcha still work.
If a user decline cookies, recaptcha is hidden and it is possible to register an user without any security level, it should appear something like "This content is blocked because reCAPTCHA cookies have not been accepted.", this text is under "COOKiES Service Entities" - "recaptcha" service.But there is another problem, if you decline all cookies, recaptcha does not show for any user (tested with different accounts in different browsers) and it is possible to register any user.
Is there something I am missing?