That's definitely sufficient if the goal is to cast a judgement on their ethics. But I think the point of defederating isn't to express general disapproval. It's to maintain the best possible experience for the users of the instance. Defederating from Facebook just seems like it's motivated by giving them the middle finger. Which is fine, but as a tool, I don't think that's what federating is for.
I don't feel strongly about this, though. It's an opinion. If the rest of the instance or the admins decided to defed meta I would not care at all.