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On my team, we're really only using social media to build our community. I work on social media for a small brand and it seems like there aren't any other organic areas to build and maintain community than social media. You can try to take your people to another platform to communicate, but ultimately people are going to check their instagrams and tik toks more often, so you might as well stay there.
I personally use both established social media to build and operate my communities, as well as building my own standalone community space. Using social media to get the initial user base and then bringing them to my standalone community space works best for me, as it helps to quickly build an audience and keep them engaged in the content I am providing.
It depends on the industry and the companies goals. Sometimes social media can even be the community, but for the most part I use social media to promote the community