They won't hand out fines every few weeks easily. And usually you cannot get fined twice for the same thing. BUT it was a (albeit able bit exaggerated) projection what could happen, if you constantly ignore the court orders and continue breaking the law. At first, you might get some time to change your processes, get compliant, ... but when it won't stop, you get fined again. And it won't be lenient the further you stress it. Also that's just the fine for the GDPR violation itself. Ignoring court orders, violating the law continuously,... will get you other fines - assuming you don't change you behavior.

It will take a while to get there, sure and I think Meta will try to continue processing this data as mich as they can, but the EU doesn't look like they're joking too much.