That seems about accurate. Same with Instagram, in my experience, although if you know a bunch of other people on the platform I suppose you can all follow each other, and then the experience is different.
Actually, I personally follow less than 100 people on Twitter. None of them are celebrities, journalists, or CEOs. They're not people I know either. Twitter for me is basically RSS for posts by a handful of interesting people who don't have blogs. I force it to stay in "latest tweets" mode and hide the sidebar with the latest viral hashtags. I spend about 10-15 minutes a day on Twitter.
It's very telling that everything about Twitter seems to be actively trying to make it as difficult as possible to use it this way. The "ideal" Twitter user seems to be someone who follows a few thousand celebs and spends every spare moment working through the latest viral tweets and memes.