That's part of it, but I'm certain there's more to it.
I've seen too many people and pages get their reach cut 100 fold over the last 7 or so years. The content was very engaging, had lots of likes and comments, then boom, they all started going from 5 or 6 figure posts down to 2 and 3 figures. Marianne Williamson, for example, hit 10% support nationally - then her Facebook posts went from 6 figures to 3 in a day.
Take Gaza, and the global calls for a ceasefire. Despite huge engagement, and the strong support of the vast majority of every countries population (bar Israel itself), I've seen virtually nothing about it on Facebook. On LinkedIn I've seen 1 single post concerning it since October 7th, and it had 0 likes. That's not natural. No fucking way.
Also, at this point the suggestion algorithm seems close to worthless. My Youtube suggestion feed is either channels that I already follow, or whose videos I've watched recently, or complete garbage. Any worthwhile new channels or videos, I've have to seek out for myself.