Yes. And democracies also depend upon a healthy and reliable Fourth Estate.
https://en.m.wikipedia.org/wiki/Fourth_Estate
We don't have that.
That obligation and responsibility has been widely neglected. This isn't the internet's fault. The irony of those who are supposed to serve as The Fourth Estate looking everywhere but in the mirror should not be lost. These traditional pillars seem to be more interested in click bait-y coverage, manufactured news (i.e., just because they "print" it doesn't mean it is worth printing, in the true definition of news), and/or shamelessly parroting prevailing narratives. They're generally lazy. There is no such thing as lazy journalism.
If this is a guideline, The Fourth Estate continues to fail. This isn't the internet's fault.