There's a real risk for communities, though. A group of communities currently on Facebook may see their members flee to several independent alternatives, which will kill any cross-group participation. That stuff has the ability to break communities which may never grow back in the same form.
I'd much rather see Facebook and Whatsapp follow the law than see the general population get an even worse feeling about data privacy laws. Banning these platforms plays right into the books of the tech giants.
On potential societal damage, we already risk so much by being beholden to a few private companies rather than a protocol. Meta could turn off Facebook or major features overnight without warning. Governments should do everything they can to encourage diversity of providers.
I'd much rather see Facebook and Whatsapp follow the law than see the general population get an even worse feeling about data privacy laws. Banning these platforms plays right into the books of the tech giants.