I recently done this after a stint of inactivity, and it felt pretty good, I started with people who were inactive, but then went even further and unfollowed people that I followed at some point but don't read their current content.

It felt kind of heartless, but I wanted to try and curate who I follow so I can easily find things to read. Also, it was a bit awkward unfollowing people and getting a notification that they unfollowed me back lol