I'm less anxious and stressed out, and generally less annoyed at people around me. My initial reason for avoiding FB was because I was tired of being bombarded by rageful posts about politics and social justice issues (regardless of whether or not I agreed with those posts) day in and day out.
On occasion, after asking a friend a specific question about their life, they're surprised I don't know the answer already because they'd posted about it on FB. I then have to explain that I haven't checked FB (aside from events) in a year. No one has even come close to complaining about having to tell me something separately; people generally enjoy talking about themselves, especially when prompted, so that shouldn't be a surprise.
I still take a similar quantity of photos, even though I don't post them anywhere anymore. I do share photos taken during a group activity/trip/outing, but privately, through Google Photos, and only to the people who were there.
When I flip through Instagram, I'm definitely less engaged than I used to be. I don't really comment anymore unless I have something substantive to say/ask, and I usually don't bother to "like" anything.
I have several healthy in-person friend groups, and some remote ones. I hear about what's going on with my friends in person, or via smaller group chats or one-on-one texting. I certainly don't see all the other things my random FB "friends" (at ~1100, of course the majority of them are acquaintances at most) are posting about their lives, but I find I don't really miss it. While it might be a novelty to see what some random old high school or college classmate is doing day-to-day, I'd much rather turn that limited energy and brain space toward my closer friends.
Regarding news, I get a daily politics newsletter in my email inbox, so I can restrict that to a small chunk of time and only pursue things further if I want to. For other types of news, I have to seek it out specifically, which works well for me.