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This shouldn’t come as a huge surprise. Meta is moving forward with their plans for Theads and the Fediverse, and their adjusted terms reflect a new impending reality for Fediverse users.
Technically, yes, you save metadata of all of those things. However: you are not a company that profits from vast amounts of data ingestion.
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The entire current Fediverse isn’t vast data by Meta, Google, Microsoft, and Apple standards.
You aren’t making the point you think you’re making. Sure, at somewhere between 8 to 11 million accounts, the Fediverse is a small pond. Meta is a gigantic whale. Ingesting the entire graph of everyone on the network would be relatively trivial for them, storage-wise.