Agreed. Repeating your anecdotal disclaimer, I too have completely severed from social media (and almost all "infotainment" sites, such as Reddit) and have only been the happier for it.

Obviously this depends wildly on each person's individual situation, but I haven't found that it seriously affects the relationships I care about. I no longer know the minor details about the lives of acquaintances from college or high school, but so what?