I've thought about deactivating my account and may still do it someday but for now it's manageable. I unfollow or unlike stuff I no longer want to deal with and that's helped a lot. I also use Facebook Purity to hide a lot of the more annoying stuff that FB tries to push on users.
I originally signed up for FB back in 2006 or 2007 (far less irritating back then) to stay in touch with a select group of online friends. It has also allowed me to reconnect with some childhood friends.