Does it?
Social media doesn't age well. Look at myspace. This will be controversial, but Google didn't get where it wanted/needed to be with Google+ and they ripped the cord out of the wall; it seemed like it was just google being google but it may have been genius.
I was also critical of FB/Meta buying Insta, I figured it was all going to somehow be Facebookgram but they kept it separate. FB is now for old people and Insta is probably at its peak. I will not be shocked when Meta launches a new video oriented application similar to TikTok or YouTube but somehow different.
Twitter has been toxic from day one, in fact I think the very idea of reducing discourse to something the size of a tweet is bad for the world. Lately it has been a cesspool, I get targeted political content that I absolutely never sought out, very obviously biased. That aside, do you somehow "rehabilitate" twitter? Or do you scuttle it and have a newness? Rebranding seems like the most realistic Hail Mary option, it can possibly be new without rebuilding everything. I don't think it will work and I don't really want it to, personally, but it's a bold play that is way better than continuing to watch it erode. I've heard 2 or 3 different media sources talking about twitter in the last week, partially about the "X" but also very openly about how it isn't the same thing and they don't like it. It might be too late when NYTimes podcasts are openly talking about how the reporters dislike using it anymore.
I'm not a super active participant in or consumer of "social media" but I can't remember one having a second act, once it was no longer "cool" it seemed like the party was over, did I miss one that reinvented itself? Twitter is not cool anymore.