"they're also keenly aware that it takes away privacy"
I beg to differ.
I am not at all convinced that people are "keenly aware" of the violation of their privacy. I will barely acknowledge that people are aware of it at all.
Because, if people were so keenly aware, they would stop with Facebook, block Google at every turn and campaign for their rights to be respected at the legal level.
I'm not seeing that happening.
Yes, there are people who are aware. For starters, all of those who, like me, do not have social media account. I can phone or mail my firneds, I don't need a life-raping platform to help me stay in touch.
But those are far from the majority, otherwise we wouldn't be talking about Facebook, Tik-Tok, Instagram et al.
So no. People are certianly not "keenly aware".