I don't get the whole shred your privacy aspect of social media. Why share intimate details of your life with total strangers?
Many have their FB set to private/friends only and basically use it as a virtual scrap book for their friends & relatives to view travel pics.
I had a lot of trouble with FB my first couple of years on it: figuring out how private, what to post, who to follow (some people I love to interact with in real life tend to annoy me on FB, and vice versa). Eventually, I started viewing FB as 'semi public' social forum similar to a cocktail party. There is a mix of close friends/family, and casual friends, and convos are/should be limited in terms of how personal they are (because it's semi public), and most interactions revolve around public events/recent activities, kids activities, travel, work, jokes, shared interests (but not in great depth because...cocktail party!).
Thinking of it this way helped me modulate the annoying things I initially tended to do (I stopped ranting about politics and I stopped braggily only posting travel pics) and think about how to come across as pleasant and social, without being too self absorbed or angry or braggy.
Just like a cocktail party.
I blocked everyone who annoys me (I think of it as wandering away from the annoying party conversation to a different one, but still being able to contact that person across the room at the party if you need to). Also, I never check FB after 5 pm, in case something irritating comes past my filter I don't want it to influence my end of the day mood).
I post maybe once per week (nothing I wouldn't say/show at said party), and comment on a few other peoples' posts once per day.
The cocktail party approach has worked really well to keep me feeling positive about FB most of the time, without hanging out on it all that often.
ETA: I've never had a smart phone, so I can't access FB or social media except via laptop. Also, the concept of twitter baffles me, and I've never used it.