...yes. Apple defines "tracking" here as sharing your data with other companies, and then doesn't do that itself. Because that's the opaque and objectionable thing.
If you launch an Apple app then you probably expect Apple to know what you're doing. If you launch a Meta app, similarly you expect Meta to know what you're doing. But you might not expect Meta to immediately go and tell, say, some random company called Cambridge Analytica everything you're doing.
Meta absolutely could do exactly what Apple's doing without needing to warn users -- collect user data across its various apps, and use it to advertise its own products.
I do agree that Apple has carefully chosen a thing to object to that aligns well with their own business model. But I also think the thing they're objecting to is worth disclosing to users, so: ¯\_(ツ)_/¯