This effectively means then that if you are in the EU and you'd want to use either Facebook or Instagram you'd have to pay for a subscription then because they presumably won't offer the free-service without personalized ads and since the law prohibits them from doing that then the only way to use either service will be to pay for it..?
Option A: Continue for free with ads (and tracking and profiling etc.)
Option B: Pay for a subscription without ads or tracking (most seem to use a service called "Pur" (pure))
This does not mesh with some people’s understanding of the GDPR, but at least several German courts said it’s okay.