The nitty gritty is that using the Facebook app itself to post photos to Facebook does the removal of the location data (because only shares from Apple Photos itself strips out the location data) but replaces it with Facebook block codes which it still uses to pinpoint your location for advertising.
Facebook generates almost all its revenue from digital advertising—targeting ads by harvesting as much data from you and about you as it can. “Facebook marketing is generally dominated by iOS,” one ad industry article laments, “it’s pretty safe to assume Facebook has lost at least half their data, arguably the most valuable half.” All of which means that Facebook will be doing ever more with the data that remains.
The linked article gives a few suggestions to try as well as an app that can help create duplicate photos for uploading without location data. These photos can be used for uploading to any other social media site.
See
Facebook Tracks Your iPhone Location—This Is How To Stop It#
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iosIf you think Facebook can no longer track your iPhone, then you're wrong...