It's unprovable that revoking consent does anything. I like how they frame it too:
“We aren’t collecting any new data as part of this update,” the blog post says. “This is about using information that businesses already send to us to further improve your experience.”
What am I doing wrong? Why aren't businesses just gifting me cash? Businesses just funnel data to Facebook for free which Facebook uses for profitable ventures? Jeez. Facebook's revenue is in the billions. Boy are those businesses being fleeced! just sending free data to Facebook. Imagine if users were spending money on mobile-computers, electricity and data-connections to send data to Facebook for free too! Everyone must be chumps!
That unknowable consent revocation is pretty important. Australia is mulling over law that forces social-media companies to disable algorithmic feeds. Unless you have agents embedded in those companies it's impossible to discern whether or not your feed has not been modified by an 'algorithm'. This looks like Facebook trying to get ahead of these sort of implications: "Look you have a toggle! Toggle it! No further questions! You've turned it off; you pressed the toggle! What more do you want from us?! We'll meddle in democracies to ensure you win! Let's be friends!"