I think the best question to assess it is does this make us better people or not, and to what degree? From what I have seen, the answer is it seems to be pretty significantly de-skilling us in attention, agency, nuance, psychological wellbeing, etc. It makes us more vulnerable to influence and manipulation. The businesses that benefit the most from deploying it are advertising-based, which naturally leads to surveillance and algorithms and pace of consumption that maximizes addiction. The messages that perform best are emotional and attention seeking. There is no information quality control. The consumption pattern it suggests leaves no room for thinking, processing emotion, or nuance.
The personal crusade I'm on is to build a competing product at the quality level of TikTok/Insta that diverts interest & attention toward books, which as a medium is both a lot more of a known quantity and whose consumption naturally results in longer attention spans, greater literacy, and all the nth order consequences of written culture. It's great that things like BookTok exist but ultimately that energy & activity needs to find its way over to a healthier home.