I highly highly doubt Threads would do it differently.
Note that you may be confusing T&C with device-level permissions. The latter is handled by iOS (or Android where it has support). The OS will literally block APIs from the app if you reject.
An app can choose to not function without the permissions, but I’ve only seen that from obscure Chinese apps.
Most apps I’ve used won’t let you use them without accepting those terms. I assume Threads is the same way.
Instagram is ok with rejecting many permissions.
I highly highly doubt Threads would do it differently.
Note that you may be confusing T&C with device-level permissions. The latter is handled by iOS (or Android where it has support). The OS will literally block APIs from the app if you reject.
An app can choose to not function without the permissions, but I’ve only seen that from obscure Chinese apps.