Facebook (now Meta) has a history of killing "lite" versions. They killed Facebook Lite for desktop (0.facebook.com) in 2015. They have often threatened to deprecate the basic mobile site.

If your phone is out of storage, you can delete the Facebook app (which can take up hundreds of MBs) and simply bookmark the basic home page in your browser. How to Access It

A single scroll through the regular Facebook app can consume 10-20 MB of data due to pre-loaded videos. The Basic Facebook homepage consumes roughly per page load. For users on metered connections or pay-as-you-go mobile data, this is a financial necessity.