They were, sorta, in theory. But such regulations, when they exist on any site, tend to be treated the way laws usually are (in regards to the groups they bind and don’t protect, and those they protect and don’t bind, etc.)
Regulating speech on a social website is rarely gonna end with the people getting protected who really need protection, and the people getting stopped who really should be stopped (instead of vice versa). Facebook was a cesspool in that regard forever, and I doubt this will change anything.
I do think “a good system for individual filtering and blocking” is probably usually a better option than “sweeping site-wide regulations enforced from the top.”
But Facebook would never for a moment consider a good system for individual filtering and blocking. Their business model depends on forcing you to see whatever they think is profitable to make you see.