If FB goes out of EU, people will just move to another social network on the list. ( There are many social networks out there )
All contact with friends is now via IM apps like Whatsapp and Telegram. Yes I know the former is owned by Facebook but it's not Social Media really.
Most of my friends aren't on any social media anymore with the exception of LinkedIn which is kinda necessary for work. But I don't really use it like social media. I never post or read on it, just use it to look and apply for jobs.
Before I left Facebook I thought I still needed social media and I backed OpenBook. But that was a mistake. They changed their name twice to ever dumber and forgettable names and have since shut down their service for over a year because they're working on something new, which they refuse to say anything about.. I consider it a scam now.
The fediverse is more interesting but really I realized I don't need it anymore.