Facebook (the page) is dead in the sense that its parent company changed their name to not be the same as their (once powerhouse) product. Facebook trademark is so unbelievably cursed due to what it became that they’re pretending that it does not exist.
Meta is focusing on Instagram for now. They could’ve launched Threads within Facebook (I think it was at some point) but they choose not to. Instagram is how they reach out to the people.
This means that Facebook was enshittified successfully. It does not serve any purpose now.
I don’t think Reddit has the same choice as they don’t really have means to pivot to something else. It will just cease to be… Or not.