I sure hope so. The EXIF data has to be part of the backups, it's important data.
The issue is that you are telling Facebook to not use your location data for marketing, then they are finding out your location via another method and then using it for marketing (based on a loophole in their privacy agreement).
(Non ad location business: hazard profile based on where you hang out. Frequency of pub visits may impact your life insurance rates)
I have much more faith in a company staying true to the latter. Not 100% faith, because their assessment of what business model to pursue can change, but it’s certainly not comparable in flakiness to corporate idealism.
It’s a matter of expectations: You’re handing your data over to Apple for them to back it up; You’re sending photos via Facebook to share it with friends, and location data isn’t shown anywhere.
The false equivalencies in this thread are almost overwhelming.
That’s why I back up mine to a NAS in my house and have that send encrypted backups off-site.