It depends on how you use it.
Take Facebook for instance. If you start arguing with random strangers about politics the whole site looks like a dumpster fire.
However, if you're a courier and you join a group that discusses delivery techniques it can help you make more money.
I'm a part of a few DJ forums. When my old ass controller broke one of the members gave me a link to a company in Britain where I could buy replacement parts. Another time, when I had to use CDJs at a club, a different user gave me a rundown on how they work so by the time I played the gig it was like I was doing it my whole life.
Just ran into an old friend who told me about a woman he met through a record collecting forum. They've been dating for 6 months and it looks like they might move in with each other.
It's surprising that nobody has stated the obvious. BGOL is a form of social media too!
