Devil’s advocate here.
You have to remember that 5 years ago, Facebook was the premier destination for attention/time wasting. Now people have Instagram, TikTok, Discord.. hell even Whatsapp group chats weren’t all that common back then. So attention is spread thinner vs. 5 years ago.
The algorithm also got a lot more complex.. for example, clients used to just post a post on their company page and the engagement would be more or less linear w/ the amount of posts they did. NOW, if they put up 5 posts, its almost like FB will penalize you for it. We’ve now switched over to Reels and we’re seeing more engagement through those.
I don’t think any platform would perform great if you didn’t adapt. That being said, the latest IOS release REALLY fucked up a lot of FB campaigns but then again, that’s not the fault of FB