According to Facebook, Apple’s new iOS 14 policy will severely impact the personalized ads delivered on iOS platform. On iOS 14, users should explicitly allow apps like Facebook to track them across apps and websites. In order to explain the benefits of personalized ads, Facebook is planning to show a screen to Facebook and Instagram users on iOS devices. This new screen will provide more information about how Facebook use personalized ads, which support small businesses and keep apps free.
If you accept the prompts for Facebook and Instagram, the ads you see on those apps won’t change. If you decline, you will still see ads, but they will be less relevant to you. Agreeing to these prompts doesn’t result in Facebook collecting new types of data.
Source: Facebook