No, this isn't a consequence of the status quo newsfeed algorithm. This is a consequence of Facebook making a purposeful strategic shift away from in-network content to suggested content. This strategic shift was highlighted in their last earnings call as a way to compete with TikTok, whose success is partly explained by their focus on suggested content. On the earnings call, they signaled that they were shifting more to a mix of the two content styles in the coming quarters, but the OP is likely enrolled in some sort of test that is giving them 98%.

See the below excerpt from Meta's Q2 earnings call:

"One of the main transformations in our business right now is that social feeds are going from being driven primarily by the people and accounts you follow to increasingly also being driven by AI recommending content that you'll find interesting from across Facebook or Instagram, even if you don't follow those creators. Social content from people you know is going to remain an important part of the experience and some of our most differentiated content. But increasingly, we'll also be able to supplement that with other interesting content from across our networks. Reels is one part of this trend that focuses on the growth of short-form video as a content format."