As a Uni student, I still see people use Facebook, but it's a select group of people. It's the same < 5% of the people I interact with regularly. Most people I know use Facebook just for events so you can invite someone to a fundraiser or party.

On the other side, I see Instagram doing fantastic among my friends, and it gets way less hate from them, despite being very openly owned by Facebook (it says it on the splash screen).