Growth in monthly actives across Facebook seems to have slowed but is still increasing--not bleeding users--from data I found through Q4 2023.
With 3 billion monthly actives and China being excluded, it's hard to expect a ton of growth since it is a major fraction of the remaining world population. There are bots etc. but they are one of the stricter networks with requiring photos of your ID and stuff a lot more often than others.
Keep in mind that Meta pulls something of a fast one here, because a lot of instagram accounts end up creating an attached Facebook account (so that they can share Reels across both platforms). I don't have current insider information, but as of 2019 they were heavily using instagram sign-ups to shore up the Facebook numbers.
With 3 billion monthly actives and China being excluded, it's hard to expect a ton of growth since it is a major fraction of the remaining world population. There are bots etc. but they are one of the stricter networks with requiring photos of your ID and stuff a lot more often than others.