Bad strategy, imo. Sounds like they should have tried to answer why people used their product in the first place. “A competitor does it” isn’t a valid excuse—its like suggesting The French Laundry switch to fast food because McDonald’s is a competitor.
I think your analogy is too generous. It’s more like putting an engine on your stapler because people buy cars more often than staplers at a higher margin despite having a monopoly in the stapler market.
They also need to be honest with themselves about whether TikTok is a competitor, or if TT has simply won a completely different business that happens to take customers' finite resources (time) from Facebook.
The French Laundry is a very niche product, which Facebook is not. I think a more apt analogy is suggesting McDonald's to include more "healthy" options or a coffee bar because the competitors do it and it's a successful business strategy.
