That's true, but I think traditional TV news died a long time ago, when deregulation removed the requirement that TV networks had to operate an independent news department, even if it didn't make any money, as a requirement to access the public spectrum. I would say that cable "news" (really infotainment) is closer to what happens on social media than what happens in a traditional newsroom. Just like social media, cable news networks are primarily trying to drive viewership, and if low quality programming increases viewership, then that's what they produce.
There isn't enough actual news to fill a 24-hour news cycle (unless you expand to global news, which Americans wouldn't watch), so the cable networks fill their schedules with talking heads and other nonsense that's almost as far from actual news as what you get from Twitter. The only real difference is that a cable network has the oversight required to maintain consistent messaging, whereas Twitter randos do not. The actual content isn't really news in the traditional sense either way, though. Social media democratised the production of infotainment, but it's merely an extension of something that started long before Twitter existed.