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It's cyclical, so I don't think this is the last hurrah of fascism.
Additionally, when everyone has a phone in their pocket with access to confirmation bias, it was inevitable that this would be the result. Social media has amplified echo chambers to levels never seen before, and it's made even worse by the fact that those social media sites use algorithms to keep users engaged as much as possible for increased ad exposure. Unfortunately, those algorithms will show you inflammatory content, as that's been shown to grab users' attention the most: https://www.pnas.org/doi/10.1073/pnas.2024292118
We have seen this unfold in virtually real time over the last decade or so. The result is an ever more divided and radicalized society that becomes more and more exploitable by populists.
I find it difficult to look at the breadth of recorded history and see anything cyclical about it. Never saw people flying through the sky in machines until pretty recently, or communicating instantly across the globe.
Regarding social media, yes, that is a major concern. I think we need to wreck the market locks of the major tech giants. Which is why I picked a Fediverse service and not any of the other reddit competitors.
When people say that history is cyclical, they don't mean that it is literally repeating itself verbatim. They're referring to human nature/behavior. There's been numerous cycles in that regard that haven't varied that drastically. One only needs to even examine the last 150 years and see that we're once again experiencing a modern version of the Robber Baron Era (in the US at least for this one), the rise of fascism and populism, an increase in xenophobia and demand for isolationism, etc.
It's rather go down the spiral, but yep, that what it ususlly means.