I don't think it will ever disappear, but it certainly plays a less outsized role now than it used to, and it's not exactly an industry I see huge growth in.
What we define as "social media" I think is important. I don't really consider things like TikTok to be "social media" even if there is both a social component and a media component, since the social part is much smaller in comparison to the media part. People aren't communicating on TikTok (I think), which is what people concerned about "being left out by their peers" would be referring to. This type of "social" media probably is not dying, but I think is likely stagnant or will become stagnant in growth, while traditional "social media" continues to regress over the next decade.
What we define as "social media" I think is important. I don't really consider things like TikTok to be "social media" even if there is both a social component and a media component, since the social part is much smaller in comparison to the media part. People aren't communicating on TikTok (I think), which is what people concerned about "being left out by their peers" would be referring to. This type of "social" media probably is not dying, but I think is likely stagnant or will become stagnant in growth, while traditional "social media" continues to regress over the next decade.