All of the studies I'm aware of that ask people to choose between different price points based on privacy end up showing minimal valuing of privacy.
Most people, however, are not enthusiasts or activists who are wholly invested in these topics. Even being aware of the issue, most act based on their immediate needs. Immediacy is an extremely important factor in decision-making.
If we were to give this a utilitarian assessment formula:
[severity of problem] * [immediacy of problem] <||> [importance of need] * [immediacy of need]
Many people using social media to communicate with their family may evaluate that as:
[100] * [1] < [100] * [100]
Why is it that people working in the field tend to be paranoid about privacy, and people outside are not? It can't be that we are just on average more paranoid. It's more likely that we know exactly how this data can be aggregated, stored forever, analysed in the future with capabilities that don't exist yet, etc. I think most people don't understand privacy in those terms.
You have to factor in the fact that people know they are tracked whether they are paying or not. Given that fact I'd prefer not paying as well.
People value privacy when made aware of the issue, but very few people are aware of how websites track (and manipulate) them.