Not exactly.
uBlock Origin blocks the widgets (with the “EasyList – Social Widgets” blocklist, I don’t remember if it’s on by default). As would any other blocklist based blocked do like Privacy Badger, uBO is just better.
FF’s strict mode has something called Total Cookie Protection that makes it so Facebook widget on site A cannot read the cookie dropped by the Fackebook widget on site B. It isolate 3rd party cookies for each website.
It isn’t completely right either. Browsers, extensions and, only in some cases, VPNs can save you from being tracked by some. You are describing first party tracking but the point is mostly to prevent third party tracking. An adblocker and an email relay goes a long way.
I agree with the rest though. Regulation is the only way.