My take? So long as you can remain one step removed from it, and don't let it become a replacement for a real life, social media shows us another side of who we are, filtered through tweets and Instagram posts. But... it's just one side - we're never going to get the whole picture of a person from their online persona.
Oddly, it's something I've really become aware of in the past few years. There are people I've met - YouTubers and their ilk - who are completely different in real life to how I perceived them from their public profile. We're complicated, multifaceted, beings, and just because someone might one day act a bit dickish online doesn't mean they are a dick.
We're not any one thing; who we are is a mix of our inner and outer selves, and... well... this is all getting a bit wanky.