I used to believe that social media was a huge issue in society, I'm not so sure anymore.
I recently listened to a Podcast with Andreessen Horowitz, he mentioned this twitter account https://twitter.com/PessimistsArc
“No one got upset when bicycles showed up. No one said, oh my God, we just ruined society.” - https://twitter.com/i/status/1304134132709109761
We're quick to blame anything new for problems within our society.
He mentioned the point how Communism and Nazism spread without social media/internet. People seem to believe what ever their social groups believes so I'm not sure less "fake news" is going to solve that.
fyi - I deleted my Facebook account for other reasons