As a boomer, I treat it basically like mIRC 2.0. I rarely join VCs but the ability to share images and links is nice.
There may be more people online today than there's ever been, which is why not even mIRC during its heyday wasn't such a haven for all kinds of degenerates. But just like it was back then, treat it like a giant circus, and each server a circus tent. Everyone is a clown, until proven otherwise.
Same applies to all social media - the experiences you have in them are directly proportional to the social circles you gravitate towards. That's pretty much my lesson learned from hanging out on IRC chatrooms and MSN Messenger groups back in the day, don't turn it into your only source of social interaction, and certainly don't take it too seriously.