I took one of my first big steps toward a more controlled approach to social media consumption some time ago, when I came across the Friendly Social Browser app (iOS/Android). Friendly helps simplify by consolidating multiple content sources under one umbrella, and also by providing more control over how the content is presented. For example, Friendly can do keyword filtering on Facebook posts, which lets me reduce or eliminate many categories of unwanted posts from my feed, including most advertising. I've also made "Latest First" my default feed sequence for Facebook, which bypasses much of the algorithm that works so hard to keep me scrolling forever.
I almost never use the standard websites or apps for Facebook and other social media platforms any more, and as a result, my experience using these services is more focused, calmer, and overall a more effective use of my time.