Absolutely. Not only do I think that the general public has a good, though vague idea of what their social media data is used for, but I also think they're rationally alarmed about it (aside from the anti-China, anti-Russia, anti-Republican, anti-Democrat talking points they're taught to repeat by people who should be trustworthy.)

We like to call users stupid or confused for using something that is bad, then we only give them one choice. People aren't using Facebook because they don't care about what's happening to them, the use it because it's the only/easiest way to get certain things done and they have other problems in their lives to worry about.