No. The real reason behind the losses is that TikTok became the number 1 app in the world today, and is directly taking away social engagement time from Instagram and Facebook. Heck, Zuckerberg admitted it himself in a post today:

"[...] there are two things that I want to call out that are having an impact on our business. The first is competition. People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly."