UPF meat substitutes do tend to be healthier than their meat-based equivalent (see the SWAP-MEAT trial, for example).
It's extremely high in saturated fat and lots of meat is carcinogenic. We classify bacon in the same category of carcinogen as alcohol and tobacco. Meaning, we know, for sure, it causes cancer.
Unfortunately trends towards plant-based food seem to have taken a step backwards in recent years and I suspect the current moral panic around UPFs hasn’t helped. But the evidence on UPFs as harmful is pretty tenuous at the moment, while the evidence on meat and adverse health effects is considerably more comprehensive.