No, there's no truth in it. You can't revoke permission for Facebook to use your data and content because... you have to give permission for them to do so to operate the service. Terms & conditions 3.3:
you grant us a non-exclusive, transferable, sub-licensable, royalty-free and worldwide licence to host, use, distribute, modify, run, copy, publicly perform or display, translate and create derivative works of your content
Basically, they couldn't operate without such permission. For example, in the case when you upload a photo they resize and recompress it and forward it to various datacentres where it can be cached for quick loading. That covers hosting, copying, publicly performing, and creating derivative works for that single use-case alone.
Protesting against that is a bit like 'denying' an airline the 'right' to touch your suitcase yet demanding that they adhere to their contract of carriage.
The route to ensuring privacy and confidentiality on ANY web service is to independently and individually encrypt your data. But that makes it difficult to share, and the service can still see metadata about your network of contacts.
To quote WOPR: "The only winning move is not to play"