yes there is still the hypothetical problem of “status updates for a limited audience” but in practice i don't find that to be that pressing; just send an email or chat message if you need someone to know you're doing something but don't want the whole world to know
beyond that i think the exclusivity of the limited audience leads to a strengthening of the parasocial aspects like
yes you are learning things about a person that not everybody knows but that still doesn't mean you like, know them at all as a person, and it especially doesn't mean they know you