Well, the first question would be if the revenues that meta makes are comparable. Because if they are not an argument can be made it is not a real alternative.
Second, the data COLLECTION, storage and processing is the issue. And all info on the subscription seems to suggest that does not change. Just the ad serving.
Lastly what about all users that don’t have a Facebook account but are tracked regardless. Meta and the other privacy-invasion companies should not be allowed too track me wholesale without my explicit consent, and luckily the law is on my side.