I definitely waste a ton of time on the internet. Not Facebook, but online nonetheless. It's very easy to justify, as reading about interesting things is not exactly wasted time, but hours can go by without a lot of awareness of their passing.
I've given serious thought to not having internet at home, because I grew up and spent nearly half my adult life without it, and it sure sure seems that I got more done in those days.
People used to waste an enormous amount of time a century ago doing things we no longer have to do, that today are either automated or sourced out to other labor. It'd be interesting to attempt to compare and contrast in a realistic manner, then vs now on time wasting and time trade-offs (was that Facebook time, a century ago, spent doing something that has been heavily automated away today?).
It's far more than that. It's all the movies, TV, video games, professional sports, porn, "music" and other garbage called "culture" … not even to mention the run-on effects from all that wasted time that has made people weak in mind and body, which has then also compounded through intersex conflicts and inefficiencies and incompatibilities.
I don't think people quite understand all the fifth oder effects and dependencies that are at best ignored, at worst totally unknown.