Is Monero 100% untraceable?

Could you please elaborate on the claim that Monero is 100% untraceable? Given the advancements in blockchain analysis and the complexities of digital currencies, is it really feasible for Monero transactions to be completely anonymous and untraceable? Are there any inherent limitations or vulnerabilities in the Monero protocol that might compromise its anonymity features? Additionally, how does Monero's privacy protection mechanism compare to other privacy-focused cryptocurrencies? I'm interested in understanding the nuances and practicalities of Monero's purported anonymity.