I hadn't fully realized this, but I think you nailed it. I stopped using Facebook regularly well over 5 years ago, and the only reason I have an account is because many people in my neighborhood are on a Facebook Messenger thread together (kind of an informal thing).

When I did use Facebook daily, it was for all the reasons you mention. If I ever log onto the site now I'm immediately driven away, it's just a bunch of advertising and nothing I care to see.