They finally got me. Meta has essentially locked me out of Instagram (pictured) and Facebook. I can either...
* confirm that they can process my personal data for ads
or
* pay them €7.99/month on Instagram to "unlock" my account and not process my personal data for ads; plus €5.99/month on Facebook as my accounts aren't linked
Kind of reads like extortion to me.

Overlay on the Instagram app after tapping "Get started" that reads:
You need to make a choice to continue using Instagram
As part of laws in your region, you can choose whether you consent to us processing your personal data for ads. Your choice will apply to the accounts in this Accounts Center.
(Option 1) Subscribe to use without ads
Subscribe to use your Instagram accounts without ads, from €7.99/month. Your data won't be processed for ads.
(Option 2) Use free of charge with ads
Discover products and brands through personalized ads, while using your Instagram accounts free of charge. Your data will be processed for ads. You'll later have the option to see less-personalized ads. (Your current experience)
You'll learn more about what each option means
Continue

Overly on the Instagram app that reads:
Review whether we can process your data for ads
We previously asked whether you consent to us processing your personal data for personalized ads. As part of laws in your region, we'll need you to revisit your ads choice.
Get started