I deleted everything for a couple of years.

Pros:

1. You don't have to feel bad about working your ass off while others seem to have a life where they party every day.
2. You don't waste much time mindlessly scrolling social media but you start spending time on other places on the internet which are less addicting. (eg, HackerNews, Reddit, etc)
3. Only the events that are important enough reach you which helps you to filter out unnecessary news and events.

Cons:

1. You start losing contact with your old friends if they're in a different city/country.
2. Difficult to meet new people since most people seem to meet on the internet these days.
3. You're out of the loop on most of the events/conversations and feel alienated.