Fantastic events are wonderful to see in small doses, but when it's a constant stream of oneupsmanship of who is doing better than others, it's easy to get caught up and think, "Gee, everyone is leading such incredible lives, why aren't I doing the same?" And to temporarily fill that need by posting something yourself, which only perpetuates the cycle.
I found QoL improvements when I chose to abstain from Facebook in December, specifically an increase in mindfulness and satisfaction with my daily life. Of course, that doesn't mean I don't encourage self-improvement, but I think the stress/angst that can arise from social networks can be counterproductive to ones own journey.
It's reasons like these, and the complete waste of time and escapism that has become Facebook in my life that I made a resolution to unfollow everyone except the closest family and friends and delete the mobile app. So far I don't feel like I'm missing anything, and ultimately I think my life has become richer/better for it. If you aren't being paid for it, or finding great joy from it there are much more fulfilling things to kill your time with... reading, the outdoors, time with friends (unglued from the digital world).