Pagination gives mental boundaries, navigation markers and shortcuts to items.
Reading through infinite scrolling is psychologically addictive for a few reasons.
Another complaint about infinite scrolling is more technical: Implementations tend to forget your location, and/or significantly change the data when you return to the page. So if you leave an infinite-scrolling page and come back to it, you often can't continue from where you branched off.
In addition to not remembering the position and state, sometimes scrolling back down to where you were before takes a very long time. I've had occasions where I've had to scroll for ~20 minutes to reach an item I knew was there because I'd just seen it a few minutes prior, and forgot to use the "open in new tab" workaround when clicking on it.
My bank's phone app is bad for this. Scrolling through my transaction history takes ages. If I want to look at last month, no problem. If I want to check a transaction from last year, I'll have to scroll down and wait for a bit more to load, over and over and over.... Then if I click the transaction to view details, then return back to the history to look at more, I have to do the whole annoying scroll-and-repeatedly-wait dance all over again. For every transaction I want to look at.
And that's a mobile app not a browser, so no option to "open in a new tab". Mobile apps with all these flaws are horrible.
(Thank goodness browsers provide the "open in new tab" workaround for webapps that have linkable items. Pity it's broken by badly written webapps that don't make items linkable.)
A DB tool I made has infinite scroll plus pagination buttons. It updates the pagination buttons while scrolling.
Imagine you are on a blog and can scroll back through all the posts chronologically in an infinite scroll. The location of that data isn't happenstance. You can always address a particular post or scroll to a certain date.
"Social Media Feeds" are bad not because they're infinite but because the sourcing algorithm is obscured from you likely to drive "increased engagement" or something nefarious like that. Pagination isn't going to fix social media feeds.