Social media is not problematic if you engage with intent and use alternative sources to check claims. People unfortunate to never have been trained in Defense Against The Dark Arts of Propaganda and Manipulation are at risk but that's always been true, even when all media was of the printed sort. Basic critical analysis skills are vital to survival and mental health in this world.
By 'engage with intent' I just mean not being a passive absorber of the stream of content that's being promoted at whatever site, but instead always have some focus on a particular topic that interests you. Incidentally I notice many of the 'quit social media' stories are published in outlets like the NYTimes which would instead like you to be a passive, well-conditioned absorber of their content, and hence off their advertising stream.
The corporation is run for profit, it doesn't care about the collateral damage it may cause as long as it doesn't impact the bottom line.