I don't know if you have an actual reason to attribute Meta's performance to their business model (apart from not liking advertising). They could reasonably run a steadily profitable business based on advertising without expecting to grow forever.
People learn to ignore ads over time (if not deploying technical countermeasures such as ad-blockers), so even maintaining stability is IMO impossible as the effectiveness of the advertising (and thus the revenue from advertisers who pay for it) will diminish.
I ignore ads, but do occasionally buy stuff from Facebook ads. For example, I ordered some guitar picks. I like that if I am interested I can look at the comments and get some immediate reviews and discussion about the product.