I disagree. While their core products have stayed similar, they keep getting better at ads after Apple's privacy changes in 2021 hurt their efficiency. And Instagram has changed quite a bit, with reels growing to half of total IG usage. (Of course these are dystopian products but I'm just trying to be objective here).

To me a company at FB's scale is inevitably going to be optimizing around the margins. I mean you could argue any of Google, Amazon, FB, have had basically the same cash cows for 10+ years now.