In a blog post data 26th May 2022, Meta Chief Privacy Officer Michel Protti explains the changes, and in summarise them as below:

• We’ve rewritten and re-designed our Privacy Policy to make it easier to understand and clearer about how we use your information. Our Terms of Service is being updated to better explain what is expected from us and those who use our platforms.
• While the text looks different in both, these updates don’t allow Meta to collect, use or share your data in new ways.
• We’ve added more detailed explanations in our Privacy Policy including about how we use and share information with third parties. And we’ve paired it with the Privacy Center and new controls to manage your experience, like who sees your posts and the topics you want to see ads about.

It states in the updated policy that Meta:

“is not collecting, using or sharing your data in new ways based on this policy update and we still do not sell your information”

https://about.fb.com/news/2022/05/metas-updated-privacy-policy/

Also watch out for new access controls. The change comes into effect on July 26th and does not impact WhatsApp, which has its own policy.