Yes, Social media channels for projects are normally used for announcement concerning the progress of the project, its achievement, partnerships, upcoming developments etc. It is also used for promotional activities including giveaways, airdrops etc. It is necessary for bounty hunters and investors to utilize it well in order not to miss salient information or announcement.
I would Like to agreeing with you in this point. When we make an investment on any kind of source I think then we have to be aware of the updates of those projects and monitor them regularly. And an easy way to do this is by using social media. And in this place big projects invest money to promote their social media heavy. Finally, I will also say that those who are investors, bounty hunters, should follow their original social media first.