My life is worse because instead of see the above I see only fads. Now that I only check my feed once a month I see less fads are more real life - but I also have reason to believe there is more going on from those distant friends that facebook chooses to hide from me because I don't interact with them enough.
Facebooks business model after around 2011 explicitly became disconnecting people. This isn't stated loudly enough or often enough, but algorithmic feeds and mixing 'news' 'entertainment' with real status updates meant that social networks in general became forces for disconnection and polarisation around this time.
Early FB and Twitter were useful and operated in precisely the opposite way - because they didn't use any algorithmic filtering whatsoever.