Quite likely, if the playing-field was level, or at least they'd have lost huge market-share.
Facebook bought Instagram in 2012 precisely because they were a direct threat. The FTC could have blocked that; or more recently, prevented tighter integration with FB+WA.
Currently they're using lobbyists to try to push TikTok (and WeChat) out of the US market.
Yahoo imploded because it had to pander to the short-term whims of the stock market; Zuckerberg references this frequently when talking about how FB (i.e. he) maintains control of its stock and autonomy.
Oh? By this rule, then Facebook must have been quickly replaced by one of the many competitors who launched later, yes?