I potentially disagree. I think the impact of social media's reward cycle is major, but not directly on the user's identity - rather, I believe it causes significant feedback into non-algorithmic filtering (and from there to the algorithmic component, as the organic part is presumably valued by predictors). World-view, then, is shaped by the algorithmic filters and detailed by the performances of others on social media, but the effect on identity is circumspect.

So I would say that the algorithms are more important, because they define the environment that parameterizes normalcy. Identity forms mostly asocially, and it is not interactive.