This is exactly it, IMO. People are so focused on the VR/AR/"immersion" aspect of the whole metaverse concept – rightfully so, given the Meta keynote – but there's much more to an actual metaverse than some cool goggles/glasses.

If the point of a true metaverse is a persistent, always-on, digital universe that exists parallel to our own, it seems like the company that defined "social media" is well-positioned to define that universe as well.