The people I've seen who have talked about their engagement numbers--as measured by something like "how many visitors do we get to a story based on a Bluesky/Facebook/ex-Twitter/etc. link", so independent of the social media's self-reported metrics--have all reported that Twitter is generally among the poorest-performing social media sites. Especially if you're looking at it from a perspective of "how much engagement do we get on social media [likes, quotes, replies, etc.] per conversion to visiting the site," where it strongly looks like Twitter is massively inflating its reported engagement.

I don't know how true that was of Twitter pre-Musk takeover, especially as many of the most direct comparisons didn't exist back then, so I can't say if Musk's takeover specifically made it less effective or not.