You're not claiming to have model releases for all subjects in your photos, nor allocate those permissions to Facebook. Very different thing from copyright, which they do get through the EULA.
And the T&Cs suggest they would only share things in a way that was "consistent with your privacy and application settings", and they terminate their license when you remove something from there (surprisingly noble).
But yes, you're the product, etc. Don't be surprised that they want to monetise your content.
That’s not the same thing. Advertising a product involves using someone’s likeness to endorse a product, which is strictly controlled in many countries. It’s not the same as having adverts in the feed next to your content. I’m sure facebook would have to get individual consent, e.g. do you want to endorse CocaCola?
Technically you are giving facebook all rights to reproduce and monetize any content you put on the platform... thus has it always been.