Media buyer here (among other things), so I feel you. I think it's possible the American FTC might start going after advertisers at some point, because Meta's generated text can in some cases mislead or flat-out lie about what is actually being sold.

The only defense is to have checklists and continually go over running campaigns to make sure everything is configured properly, which as you note is really hard to turn off. Very easy to miss a detail in ad manager's complex UI.