I think that like so many things, social media can be a force for good in the world, as well as a force for ill. TV and newspaper reporting is mediated (in the sense that the reporter is giving us their view of events), whereas seeing things unfold and getting viewpoints and information from those who are there when news is happening (on Facebook or other SM sites) gives us a more rounded view of the news, and can protect us from the idea that life is the same for others as it is for us as individuals
A lot depends on how people use SM. If you keep everything so that you only see your immediate circle, it is a very different experience from if you broaden it out to get viewpoints from a wider range of people. Safer, yes, but less informative. A lot depends on what we, as individuals, want social media to do.
What I find interesting, amusing and irritating in equal measure is when people seem to think that not using SM is somehow morally superior - particularly when it turns out that they post on forums like this one, or use more specialist sites such as Ravelry (for knitting and other yarn crafts), and have a YouTube account. SM don't start and stop with Facebook and Twitter.
What I find worrying is the way in which posts on SM can come back and haunt people years later (eg Ollie Robinson), and the way it can be used to publicly shame and run kangaroo courts. My local FB page is dreadful for this. Someone is (reportedly) rude to a shop assistant, or they park their car badly, and there are calls for them to be 'outed' so that the virtuous mob can pour scorn on them before they have a chance to defend themselves or plead innocent. It's horrible to see, and reached peak witch-hunt at the height of lockdown, when anyone thought to be shopping for 'unnecessary items', or who was out of doors when angry posters (who were also out of doors) was pilloried.
That's just human nature, and it has happened in various ways through history. There have always been 'holier than thou' types, and always been those who are ready to join a baying mob. SM gives them a more insidious way to do it, though, as well as a certain amount of anonymity.