I'm considering doing the same "fast and then reduced consumption" for my other social media habits: reddit, HN, twitter. When I traveled full-time, in the past, I would often find myself with little or no Internet connectivity for a week at a time, and that imposed periodic social media fasting, and it was sufficient to keep the addictions in check. After living in a fixed house, with very fast Internet, for a little over a year, the urge to check my phone/tablet first thing in the morning and last thing at night has become notable and annoying.
In short: He's right, and I notice my own inability to do things of substance has been significantly impaired by the time and attention I give to social media, and it's only reasonable to abstain in the interest of spending more time doing the things I truly value. It can be hard to make that choice, however...one more shot of dopamine (or whatever chemicals the constant affirmation of social media provides) seems harmless.
(I note the irony of this being an HN comment.)