Probably. My medium sized city has several OTA television stations that survive partially on untargeted advertising. Ads shown to the relatively small audience supports the running of a significant amount of equipment including broadcast antennas, satellite uplinks, a helicopter, several vans with lots of radio gear in them, servers, a staff of on air personalities and all the other people required to run the station.

How much infrastructure does Facebook need to serve this city? Facebook will be fine.

Though they are still targeted insofar as show X attracts demographic Y so gets Ad Y.

Targeting has become a boogieman I think.

I have no problem with targeting an audience. Afterall, Cosmopolitan attracts a different audience than Guns n Ammo.

It's the individual targeting that has such high costs (in resources and privacy) for an apparently small increment in effectiveness.