Meta has a history of siphoning any data they technically can. Do you really think those "local only" photographs are going to remain so? There will never be a point where you miss the EULA change and don't opt out in the 45 seconds before the data are all uploaded?
I would not trust my kids safety to "Zuckerberg will be restrained by the possibility of bad press".
And at this point, let me say you seem to care about your kids and probably have the technical skills and attention to make sure they never end up in his database. But you are an exception, and society needs to protect the children of parents who care less.