My hope is that enshittification will do its job, and burns social media as it exists to the ground.

And that seems likely. The only way to keep revenue going up is to degrade the platforms a little more.

Its seems that "private" chatrooms like Telegram, Discord and such are poised to replace it, and new social media will truly become siloed, and that some platforms (like iOS) will fight the relentless notification attention seeking from these apps a little. I'm not sure that this is any better... But it sure would be different.