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..?
Even if they get fined the 4% of annual revenue, that'll be a tiny bit of the extra money they illegally made over those 5 years. And now they'll do the pay-or-consent (which may or may not be legal), and if it's illegal, they'll happily argue for another 1-2 years then pay the fine...