Will they potentially downgrade based on interview performance? Or will I get flat out rejected if it doesn’t go well?
Yes, you can still get an offer, but at a lower level. In fact, downleveling is quite common within Big Tech -- it happened to me at Google!
The specific answer in your case to this depends on the macroeconomic condition and if you're being hired for a specific team/manager.
From my experience, Meta interviews are often done with +/-1 in mind, so you can go 1 higher or 1 lower. 1 higher won't really be relevant for an E6 loop though as the bar for E7 is insanely high.
There's additional nuance as Meta does have some years of experience targets. If you have 10 YOE and are in an E5 loop, it's not likely you can salvage your interview with an E4 offer (Meta will almost certainly just reject). I imagine it's the same case for E6 candidates if they have like 25+ YOE.
That being said, it's quite rare for someone to meet the Meta bar, just at a lower level than target (I saw this maybe 5% of the time). Candidates usually just fail outright.