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This aligns extremely well with what I have seen with my teenagers and their friends.

Recently I was at an event where a teenager was giving a speech in which he mentioned Snapchat or Instagram and said, as an aside, "That's like Facebook for you old people".

Instagram is still there. Facebook has been declining for a while, all the privacy stuff is just making everyone more aware.
FB is the platform for old friends to reconnect and for extended families to stay in touch - neither of which are that important to a teen. The more interesting trend is teens watching YT in lieu of TV - my teen's viewing habits are almost exclusively centered around YT. It'll be interesting to see what the long-term ramifications of that are.
If true, that would imply that teens will migrate back to Facebook as they get older, but right now I hear them mocking anyone that uses Facebook so much I wonder if they will not use it simply to save face.

I've noticed the same thing regarding TV. Recently we were at a hotel where some of my younger kids were watching TV for basically the first time. They were extremely confused by commercial breaks.