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TikTok ads are all video based afaik. Since video ads are more "valuable" I totally get how that could give them a nice boost over twitter or snapchat as they grow.
Yup, honestly Twitter and Snap will be fine. What will totally go out of business is Meta. Instagram is the last stronghold for Meta and any teenager I speak to are more excited about Tiktok than Instagram.
I have my doubts about this. Facebook have 2.9 billion active users, and Instagram has about 2 billion, and that are a lot of users to show ads to earn money. Meta will stop growing, but I doubt it will go out of business in a lot of time.

One of the way to continue growing would be monetizing WhatsApp (that has 2 billion users currently) in any different way to what they actually are doing (using users' data).