Pretty much. I remember individual online forums like this and Wizards.com back before these specialized social media products. As much as there are still toxic and troll-like behaviors going on, I think a bunch of it that used to be here up and left for Reddit and Twitter and such. Anonymity breeds nonbest behavior and worst impulses are rewarded.
Some things are important because people think they are important, watch it or take part in it, and therefore lend their importance to the thing. If, as the politics that keep creeping through here are any indication, Twitter played a non-trivial part in political events of the past several years. People thought Twitter was important, watched it, and it swayed their actions/beliefs/voting patterns. That's importance. Any means by which a large number of people communicate, gather, form tribes, coalesce or reinforce ideas, or otherwise establish their beliefs, ideas, opinions, and allegiances is inherently important, regardless of any outside estimation of its' quality.
That said, I also question whether Twitter really has a long term business model. Of course I have the same question about FacebMeta and it's been going on for a decade and a half, and dead tree publishing has been "on its' deathbed" for a quarter century, etc...