It's literally addictive. I have never once gone overboard with alcohol, but I regularly struggle to put my phone down when I get caught in a doomscrolling fit.
And yes, it is ruining our attention and creativity. Something that isn't talked about much is that art is a product of boredom. For almost all of our history as humans, there would be hours a day where we just don't do anything. We used to fill it with just sitting around, thinking, processing our emotions. Sometimes singing or dancing or coming up with stories. It was idle time to simply let the brain run its course.
Consuming short form content takes that time from you. It's weeks, months, even years of never allowing your brain to stop and process your life. It goes hand in hand with insomnia, as lying down in bed and trying to fall asleep is exactly when all those strangled thoughts and emotions come through.
We call it "meditation" now, but it was something almost everyone used to do - sit in silence and just let your brain run.
It is every bit as scary as what you said in your last paragraph. This is intended by the people in charge of these media platforms.