I wouldn't totally agree with you.It depends on the way each person uses the platform.It's true that many of us spend most of our time into the social media but still there are people who exploit it in a good way.Following good stuff related to latest technologies and sports would help you in gaining knowledge with an essence of entertainment.And it also helps in releaing our stress.
Agree, If we spend more time for a good purpose It's acceptable, But we allocate time for our loved ones as well.

It's not about how much time we spend , for what we spend matters more!
Couldn't agree more.