It's a shame /etc/hosts doesn't support wildcards
0.0.0.0 *.facebook.com
That would only slightly help considering they own so many TLD’s.
Looking at that lists it'd be 16 wildcard entries vs. 895 hostnames. A significant improvement.
I don't use that list, I use Steven Black's [1] list has 1004 entries which is more complete than this list. It would be less, but more than 16. Even at that, you're right it would definitely reduce the size.