A dive into the T&C shows that Facebook would be getting information regarding your number, how often you use the app, the carrier you are on, contacts you chat with, your network type and access to your contact list. While this might seem to be a lot, it is nothing new since it's basically the same information that most websites collect (minus the contacts) when we go on them. And if you have the Facebook app or Messenger installed on your phone, chances are Facebook already has access to all of these information.
At the end of the day, the information that you feel you are trying to protect is already out there and in the hands of Google or Facebook. So take a chill pill, relax and accept the new T&C, there's nothing diabolical going on here.