Definitely there has been a shift towards video content.
But I think there is a discoverability dynamic at play as well. Finding a blog post that isn’t garbage can be harder than finding a decent video on any given topic. This is clearly a feedback loop towards video but I think partly this is because up until now you couldn’t just create a spam video channel with the same ease that you could a spam blog.
Not just social media, at work you're lucky if anyone reads the docs, and blessed if you find someone writing docs. To say nothing about how the substitute for those is looping zoom meetings.
Modern social media has only succeeded by moving away from text, and meeting the masses where they already are. They mostly don't want to read.