My take is that FB lost its value when it started to become taken over by content that wasn't part of its initial offerings. Instead of photos and personal posts, we mostly see news, political posts, ads, pages, groups, etc. It starts to become more like an aggregator of things we did not initially intend to follow, but we've chosen to follow bit-by-bit - maybe that speaks to the design of Facebook leading us down that road.
Instagram was better for the longest time. I noticed a trend of friends using Facebook for events and nothing else, but they were still posting personal content on Instagram. But during this presidency, with everyone being politically charged and angry all the time, I noticed people were posting political content to leverage their Instagram followers, and now that too is overwhelmed by it.
All that said, Twitter comes off to me as the biggest cesspool. Its entire format is built around short hot takes, sniping at others, "virality", and other societal dark patterns. Reddit is almost at the same degree of cesspoolery with their new designs. Both are also a lot more of an echo chamber than Facebook for me, although I do like that you can use them anonymously (without a real name). Personally, I really can't see why all this hatred is directed at Facebook when Twitter and Reddit are around.
But this isn't a binary choice either. I do get the sense that society would be better off if everyone disengaged and de-escalated from social media in general. It's just hard because it's an effective way to spread one's (political) ideas and gain exposure, and so it's a bit like asking for mutual disarmament.