Of course, you always have to improve and put in new features otherwise your social media network will day as user will just move to the next one with better features.
A good platform will do regular update/upgrade to meet the need of the users and to make the platform more secure. No perfection comes suddenly.
Just making something better then others is not everything in social media. Social media platforms are a permanent process. New features are coming, new designs will be used over time, algorithm etc change also over time. Facebook changed so much in the last 10 years to stay strong. Instagram too and even Twitter changed a lot to go with the development of users and their use of the internet and social media.