Try using linq, it should meet your needs:
string hexString = @"FF70000000000000000000000";
string binString = String.Join(String.Empty, hexString.Select(c => Convert.ToString(Convert.ToUInt32(c.ToString(), 16), 2).PadLeft(4, '0')));
List<bool> result = binString.Select(c => c == '1').ToList();
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