The inspiration is this simple quote: "The chief task in life is simply this: to identify and separate matters so that I can say clearly to myself which are externals not under my control, and which have to do with the choices I actually control." (Epictetus)
I held this resolution for about 5 months and it was profoundly glorious. It's not hard. Treat current events like Game of Thrones spoilers. Focus on what you have control over. Be frank with others that you are taking a break from the news cycle. If your results are anything like mine you will find yourself calmer and able to concentrate on what matters. Your mind wont wander to externalities you don't have control over.
At the end of it, you can go read Wikipedia for 30 minutes and be just as caught up as anyone else because you know the end result of the news cycle instead of suffering through it as it happened.
I know it’s extreme but it’s the reality. For someone who is impacting by politics (say lost their jobs due to COVID), you can’t just stay on the sideline and ignore it.
You just have the great privilege of letting other people take care of that dirty work.
Is taking a news diet good? Absolutely. Lots of crap out there and a mental break is needed once in a while. But ignoring the suffering of people around you is just bad.
The question is really how to optimize awareness & participation with personal wellbeing. There's a big difference between getting psychologically clobbered by the outrage engines of social media or TV news, and being able to take in and understand current events in a way that encourages contemplation of how to best participate.
One way is to focus our attention and efforts on the things we can control as OP mentions. Another is to shift sources from fast/reactive news to more infrequent and considered sources. Another still is to participate locally and learn things firsthand.
Perhaps there is a moral obligation for people with privilege to engage; but it's clearly not a practical necessity for change to happen. Given the lack of progress in Black civil rights ever since the 60's; as this discourse around "we all must participate!" has strengthened, it is far from clear that it is helpful.
I propose that the other way is best. Live your life, respond with genuine outrage when injustice crosses your path, and don't feel like media consumption fixes anything.