I still keep The Facebook account only because all my real life friends and family are there and have not discovered the alternatives just. I keep it just to have contact. I never post or read as I have long since discovered the things you discussed here.
The worst thing about The Facebook are the algorithms working in the background to control what you see and feel. The concept of Social media is not all bad. It is the companies who control IT and don't care about the harm they are cause in their quest for profit.
With The Facebook trying to rebrand itself to Meta. I find it very tragic. It is only because they want to control the future of social interactions while trying to distance themselves from the crimes of the past. This most unfortunate thing is that they because of the damage they have already done to society this process of putting makeup on a pig will probably work.
A pig with make-up is still a pig. I am sure that with time more people will see the futility of being on platforms which do not provide real value for their users. Depression is on the rise and yet everybody is happy on social media. If people would feel heard and understood things would change .