New meta ad and privacy terms choices on the app is making me concerned

Lately it's been telling me I need to get started with making a choice about my ads on the app, and I can choose between a paid version and a free with ads version. That's all fine.

The issue is: if I choose free with ads I'm then taken to a screen where I have to agree with meta's use of my info and cookies and how they've updated their terms and privacy policy. I don't want to be too cynical about it - but after all these years, it feels like updating privacy measures and terms feels like "we've looked at the current legal landscape and tried to figure out a way of shoulder-watching and overreaching in new ways to get around that" - not anything in terms that are actually good or "useful" - so I haven't used the app or agreed to terms for at least a week now

Am I just getting in my own head about this, or is this more like a shared and quite legitimate concern others are also having recently?