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Re being public / private - I would default to public, but some sort of private posting or messaging add on would be useful.
There is a lot of local information that can be shared publicly and usefully by friends and neighbours etc - is the road to town flooded, when will the local doctors surgery be doing vaccinations etc. As well as marketplace type functions... All could usefully be put on a blockchain.
I have atypical in how I found people on-chain with similar interests as I had the advantage of doing the shows on MSP and running things like the Homesteaders Lists. Discord and Slack were the other way I found people with similar interests.
RE: What do you consider time-well-spent on social media? - The most important question for user growth