I've actually tried this out, and it does not work. For example, when my Mac is set to connect only when it was the 'last connected to this Mac' it still hijacks my AirPods when I'm listening to podcasts.

I'm sure if I completely unpair the AirPods from my Mac that will stop happening, but then I would need to re-pair them in order to use them at all with my computer. It is crazy that a preference this simple (last connected to this Mac) does not work as described.