This is long but I think if you read my story it will be helpful to understand what it's like to go through a few months of college without a Facebook.
At the age of 19 I decided to delete my Instagram and deactivate my Facebook for a period of 5 1/2 months. I had failed a class, I wasn't depressed, but I was at school all summer long taking incredibly difficult courses while my friends were going to music festivals, crushes were fucking other dudes, and people all around stopped keeping in contact with me. I deactivated it because it was honestly making me feel like complete and utter shit.
I reactivated and logged in a few times here and there but for the most part it was deleted for those 5 months. The first thing that happened was a newfound sense of happiness. Once I was removed from all the stimulus I started to focus more on myself and my life. I went to the gym, started paying better attention is school, stopped feeling sorry for myself. I realized that life isn't all that bad and I'm a pretty awesome person. I'll still hike mountains, jump out of planes, and kill bears but I don't need a 100+ likes on my Instagram to validate myself. I started to just enjoy the things I enjoy doing without feeling the need to broadcast my achievements, and as such it made me oddly feel far more confident.
During that time I realized alot of people who were actually friends weren't. I had a few select people who kept in contact with me and I realized how much my friendship meant to those people. Alot of people I thought cared about me straight up didn't. It was satisfying to know who was my friend no bullshit attached.
When everyone came back to school there was alot of mixed reactions the majority of which were negative. People thought I had gone 'insane' and I was irrational. These people were wrong. I still hooked up with girls and made awesome new friends. However, it was coming to a point where not having a Facebook was negatively impacting my life. In the 21st century some degree of social networking is needed. So I reactivated it and nothing changed. The same old selfies from the same old bitches. I was proactive about hiding alot of people from my newsfeed and these days I don't post or participate. I use Facebook today simply as a way to communicate and organize my social life. I log in once a day and that's it.
TL;DR: Overall deleting social media was overwhelmingly positive and actually led to long-term positive change. However I still have a Facebook but don't use it. It's simply to remove stigma and keep my social life organized. When Facebook was deleted it did nothing to slow down my social life however it did create abrasion. At the end of day the answer with social media is not to delete it but, to ignore it and live your life.