It's just entertainment. You could say the same about books or TV. At least Facebook, Instagram and TikTok are social and interactive and encourage people to produce content instead of just consuming passively.
Someone who read a lot of porn novels wouldn't be called well read, and someone who watch a bunch of college lectures wouldn't be called a binge watcher. What matters is the content, not the form of the content.
It is just that simple content tend to choose easy to digest mediums, there is not much demand for low effort literature today since people just watch movies instead.
I wouldn't call someone "well read" just for reading lots of books. I'd call them a "book worm". "Book worm" still has more positive connotations than "binge watcher" or "couch potato", but "well read" indicates that they read the classics and can talk about them intelligently.