I think it has it's drawbacks and some positives. Lately it's the ads at the top of newsfeeds that are particularly annoying to myself and some others in my inner circle. ((and yeah...i get it...keeps it free, etc etc))
It's helpful in that I've joined some groups as they pertain to parenting. There's one that is helpful for work. It can be great for a couple of products that I buy and I can get sales updates etc.
I would say that much of what anyone is really posting gets drowned by the noise, so to speak. Instagram is a fav pic sharing method for those in my inner circle.
If I want current updates on what's going on locally, it's beneficial.
It's convenient to share family photos and the like. So I'm probably one of those "only share happy moments" types of posters. Not that if I try being authentic I get much response...:\ (ive tried)