I don’t understand where this is coming from. Isn’t Meta offering to EU users exactly the choice you are describing? (Even though in the case of the subscription we can’t really be sure they also don’t still use your data.)
The problem is that is also against the rules. GDPR bans using private data as a form of payment. You can give your data away freely but it can't be requested as a form of payment. In this case Meta is asking you to either pay with your money or your data. One is OK, the other isn't.
