There are a few fundamental flaws I see with this argument.
As others have pointed out it's a false dichotomy.
There were hundreds of years of profitable content creation and distribution prior to invasive data collection or targeted advertisement. People were fine paying for every movie they saw and every periodical they read. The idea that it's financially untenable unless I tell Mark Zuckerberg my financial situation, medical conditions, and kinks is silly.
It's an uneven transaction. I read an article for one minute the platform gets to bombard me with ads for one minute... that's fair and equal. No notes. I read an article for one minute and Mark Zuckerberg gets to stalk me like a prey animal accross websites, circumventing protections against tracking, even if I don't have a FB account, then he can keep my data in perpetuity and sell it as many times as possible, to any party, anywhere in the world without my knowledge or explicit consent... that's less of a balanced transaction.