Yea I'm not sure why this isn't a more popular option. I do an even less-impactful version of this: I've disabled the Newsfeed (on web), and I've pared down mobile and email notifications to only things that are likely to matter to me like event invites (my friend group uses FB events for pretty much everything, including logistical events for our Burning Man camp).

The main advantage to me is still that it's an easy and stable way to discover and communicate with people I know in real life: there's still nothing that beats the ease of finding someone on Facebook after meeting them, and I very often forget to exchange info with someone in these situations (esp if I've met a lot of cool people that night).

The company itself has been sleazy from day one, and I think they're largely to blame for the trend of fuck-the-user product design[1] in the last ~5 years. But putting a firewall around what I let them do to my devices and my life and taking advantage of what value they do provide has proven really fruitful for me.

[1] There are plenty of things that used to be deal-breakers for me, like spamming the notification bar to increase engagement: companies like Google held out for a long time against this, but Facebook led the charge into making it ubiquitous and now the new equilibrium is that most large apps do it (even @#$%ing Google Maps!)