If like me you are both lazy and not a lawyer, check ToS;DR https://tosdr.org/ but honestly it's like labels on food products.

You don't need the damn label to know that Coca Cola is not good but water is... so yes, don't use Facebook, great. You knew that already if you care just a bit about privacy.

Still, if you want to go there, please do check https://tosdr.org/ and if you can contribute back.

What I personally find more useful is F-Droid because if an app is not present on it, it's rarely because technically it can't, it's often because of anti-patterns. The app tries to go on F-Droid only to realize it's not "just" another store but they have rules, good rules IMHO, like no Google Analytics and whatever backends to track user behavior.

Also Android app analysis like https://exodus-privacy.eu.org/ is quite good, same idea, finding anti-patterns but not in code (which isn't a good start if it's not FOSS anyway) but rather in how the app actually behaves.

TL;DR: yes, do read the ToS if you can, but if you can't don't just press "yes" or avoid and move on, rely on the work of others like ToS;DR, F-Droid or exodus-privacy!

OP just deflecting and ignoring... here's the deal about privacy:

If the company doesn't advertise itself for not saving logs or selling your data: Don't waste time with the ToS.
They are saving logs and selling your data.

If the company advertise itself for not saving logs or selling your data, but it's American: Don't waste time with the ToS.
The government can legally force them into cooperation while placing them under a gag order.

If the company advertise itself for not saving logs or selling your data and it's not American: Read the ToS if you want, but it's not important.
You will hardly find anything that is not open source recommended for privacy. Read independent code review of the software and third party audits of the company.

that's because the TOS is literally miles long

Too bad you need a law degree to fully understand them

https://tosdr.org/en exists so you can get an idea on how some orgs are blatantly lying in public statements about privacy.

For every company where I have felt the need to read their terms of service and privacy policies beforehand, only once have I felt comfortable enough to go ahead and use their service.

The other twenty or so times? I have backed out. Usually I email the company first for clarity, which has always resulted in them dodging and dancing around their terrible terms and privacy practices.

It's great to be informed, but the real solutions needed are regulations and consumer protections. Being informed just results in me never using 99% of software or services.

Can you give an example of stuff people use because they think it will enhance their privacy but don't?
Because software and services people use because they think it enhances their privacy usually are:

Proton (mail, VPN, docs, storage)
Mullvad (browser, VPN, DNS, search engine)
Tuta, DuckDuckMail, SimpleLogin, addy.io, Mailvelope, Thunderbird
StartPage, DuckDuckGo, Duck.ai, SearXNG
LibreWolf, Tor, IronFox, Vanadium
uBlockOrigin, AdGuard DNS, ControlD, Technitium, Pi-Hole, simplewall, Portmaster
Debian, Fedora, Arch, GrapheneOS
Qubes, Whoonix, Tails
Fediverse instances that explicitly say no tracking/analytics, telemetry/data selling, ads, AI training

Reading the ToS of any of these revealed they in fact don't enhance privacy?

Too bad every car has terms and conditions that are privacy invasive: https://www.mozillafoundation.org/en/privacynotincluded/articles/its-official-cars-are-the-worst-product-category-we-have-ever-reviewed-for-privacy/

Hope you live in an area where you don't need a car to drive to work or to get groceries.