The interesting thing about this ongoing Meta data handling thing is that no one is trying to prevent Meta from doing anything, they're just trying to make sure Meta has the consent for doing what they want to do.
Any commentary on it with the gist of "The EU are preventing social media companies from being able to sustain themselves" should be read as "The business case for social media relies on using data in ways the companies themselves know the users wouldn't agree to if they were asked."