Personally I've just stopped using social media because there's no reason to have the type of reach it gives you unless you're, well, advertising (whether that's yourself and/or personal brand, a product, a political position, etc.). However, even though rare, every once in a few years I really do need to reach out to someone I don't regularly talk to digitally or get in touch with someone I was much more connected to previously. I think there's truly a place for a hyper pared down "global phone book" type of application.
In terms of real connections: I prefer to share things that matter in my life directly with people who care to hear about it. And, notably it has advantages you lose on social platforms like being able to read the room, having a pretense of trust and assumption of goodwill and intent, synchronous engagement that makes true debate possible, and most importantly speech is not regulated. You can have a beer and speak your mind amongst real friends.
In my opinion, it's not real connections that are being devalued, it's needing to uphold the illusion that you have 1600 of them that is tiring and obnoxious (and simply not possible). Where I think you're onto something is that I'd say it's less important that real connections start IRL. It's perfectly normal to meet someone online and become close, possibly eventually turning into an IRL friendship, too. So I agree that it's less important to maintain "friendships" in the way that those of us who had FB in HS thought was going to matter in a social media world. But I don't agree that that means "real" connections are being devalued. Most people are just fine with ~10 real good friends and some family here and there.