Not at all; it's a valid strategy. The events and the state of the world can be deduced from observing the (near) past just as well as from reading the news, perhaps even better. A person can stay reasonably well informed by skipping on the news, and instead observing actual events, actual outcomes, that is the (near) history. Both in person and through social circles, in particular friends and family. You could call it "the slow way" of getting the news.

As noted in OP and elsewhere in discussion, the news are rife with misinformation. It follows news listeners, subject to the misinformation, end up with various misconceptions and strong emotions, thus prone to doing things no well informed person would do. Having a sizable segment of population not subject to the news, and instead informed via others means is a natural counter-balance, a safety mechanism against single mindedness imparted by the centralized news.