It's social media in the technical definition - it's a place to view media, both entertainment and news, with commentary, groups, the ability to follow someone, etc. Which makes it social.
But yeah, it's not quite like Facebook/Instagram/LinkedIn. A little bit like Twitter though.
Different kinds of social media have different focuses. Reddit and forum style have a bit less focus on the person and more focus on the content than Twitter because of how people interact with the platform itself. Twitter is very person centric, encouraging you to follow people to cut through the noise. Having communities which surface voted content puts more emphasis on the community than the individual and draw out the timeframe of algorithm engagement.
I think you are going to start seeing an ad exodus from social, that's my prediction. Connected TV ad spend is going to be what catches all the ad dollars in 2024, especially if Netflix and Amazon start sliding towards exposing their viewers to more ads. Social media is going to start its long decline as a result, turning into pay to play as they all try to survive a world with declining ad revenues.