The decision to make for each facet is binary and worth writing down: does this combination have real search demand? "Running shoes size 42" often does and deserves an indexable, linkable page with its own content. "Running shoes, blue, size 42, sorted by price descending, page 7" does not, and should be blocked from crawling at the source rather than cleaned up afterwards.
The technical implementation matters as much as the policy. Prefer a small set of curated, indexable facet pages linked in the navigation, and keep the rest behind parameters that are disallowed in robots.txt or rendered without crawlable links. Retrofitting this on a live catalogue is one of the most valuable — and most tedious — technical SEO projects there is.