Yes it did. Instagram is cool and Facebook is not. Now Snap is cool and Instagram is fading.
I wouldn’t say Instagram is fading. Just that Tiktok is keeping the younger generation away from it. Snap is losing on both sides because of them.
Facebook (the company) will probably settle into a stable pattern like the BBC's radio lineup, where listeners roll from Radio 1, to Radio 2, to Radio 4 as they age.