Looking at the speed with which this post goes up the HN page, I would say that Twitter is still very relevant.
Twitter isn't in the position FTX is in, but I personally believe that the publicity that Musk and Twitter have been getting over the last month has been nearly universally bad. There is little value in increased user engagement if so much of it is centered around the catastrophic Twitter management and Elon Musk or Tesla parody accounts, particularly if there fewer companies interested in advertising to those users.