I think a lot of the value really depends on the individual. If you're engaging in productive activities like hobbies, you get valuable targeted ads. If you're engaging in activities that are low value like signaling to others in myriad ways, you probably get adds for things like disposable fashion.
Personalized ads are basically a mirror. They feed what the person already wants to engage in. If you want less of the bad types of advertising, then you need to start at the root which is getting people to stop being interested in activities and behaviors that are lower value.
There are plenty of ways to deliver this value without secretly fingerprinting every user and delivering targeted ads at every corner. A search where you profile yourself, for instance; similar to how you provide search filters on Amazon.
I listen to a podcast on football. Are they allowed to run ads that are about sports betting and NFL tickets? That is personalized to the group. Is Facebook allowed to run ads for sports betting to all people who are fans of a professional team on their site?
Is Facebook not allowed to run me ads for local restaurants any more?
> Is Facebook not allowed to run me ads for local restaurants any more?
Nope.