It's not your perception.
I only use Instagram.
It's still immensely useful, but a poor relation to how useful it used to be up until a few years ago.
The algorithmic approach where it feeds you more of what you like is completely at odds with the organic way people search for things.
Previously I discovered many, many artists, labels and promoters through basic general searches (and was discovered in a similar way).
These connections proved very fruitful leading to releases, gigs, tours etc etc
Now whenever I search, Instagram just shows me stuff it thinks is related to what I have liked previously, Usually from an American perspective.
Similarly people don't discover my stuff unless they search for me specifically.
A lot changed when they stopped you being able to search hashtags chronologically. It was great to see the latest posts tagged with #whatever, but now it's just the most popular posts tagged with #whatever, which could be years old and just become a cyclic regurgitation.
I don't know what the answer is, but I would suggest you're better off on there than not in the short term and look for something else in the meantime.
I never got Facebook or twitter to the point of being useful for me even with a fair amount of time invested and deleted both years ago.