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Question is are they going to still harvest data? No point paying if they will still do exactly the same thing?

Unless they make a big deal out of it, assume that Facebook will always harvest as much data as they can.

I would also assume that it would be more complex to create exceptions in the data ingestion/retention pipelines, than in the ad display ones.

They will definitely continue to harvest (and process/sell) data. The only thing that stops is displaying ads.

Doesn’t Ublock Origin do the trick for free?

I thought it did; I quit Facebook and I’m very happy I did.