No.

They have ...'d out an important part of 2511(2)(d).

(and they probably meant (c))

First, it starts out with: "It shall not be unlawful under this chapter for a person not acting under color of law "

This basically means a state/federal official or someone acting in their capacity as one (the color of law part basically means it applies even when they act beyond their legal authority by accident)

Which they aren't. So this doesn't apply at all. (d) has an additional requirement they ...'d out at the end, but (c) does not.

So it's both a wrong cite and a dumb one.

Second, you'll note "competitive research" or anything similar is not one of the allowage usages of collecting data that facebook got.

Third, the return argument will also be "the how matters", and users did not consent to this how, and would not have.

If I give consent to participate in collection of my internet data, it doesn't give you authorization to like, have someone live in my house and follow me around 24/7 so they can see what i do on the internet.