It would be stupid ... if it were actually true. Facebook's privacy controls are actually pretty sophisticated now: by default I have anything I post shown to friends of friends, but excluding certain people. For potentially controversial status updates I restrict visibility to a couple of lists. If I wanted I could target a photo or status to an individual person.
So, Facebook already has all of this control baked into its architecture. In theory, all it needs to do is make it more easily discoverable and easily used. Of course this is easier said than done, but it's certainly not a 'major architectural overhaul'.
I do wish that, when people slate a platform for not having certain features, they would actually do a little research instead of assuming.