Depends how you use it. Once there were groups, it became quite similar - but since Telegram became so much better at it and I used it for some special groups and contacts - I now suddenly had lots of groups with subgroups and notifications for people liking my posts or replying to it - that suddenly I had social media again. What works for me is uninstalling it once in a while and only come back if I feel a specific need.

It can be and is in other countries, ones that didn't have unlimited SMS for 15+ years. It usually isn't in the US, though.

I still don't consider it a social media, but it does have features similar to IG story