The devil cannot take your soul, but if he can get you to agree to a deal... well... good luck with that.
Here, the devil gets you to agree to some nice beneficial feature like "camera sharing suggestions ... for personalized creative ideas, like travel highlights and collages" or "cloud processing" for whatever benefit. AAaand you do, and there goes all your private photos. And the devil can rightly claim "but this is a mere contract dispute and the user agreed to all of this".
The ancient tales were supposed to be warnings, not How-To guides.
And of course now, these modern devils are just flipping the "Agree" button under the software all without your actual consent.
I do not let ANY Meta property or software run on any of my devices. If only everyone did the same.