I don't doubt that Twitter saw a massive increase in traffic recently, but I feel at least somewhat confident that it's mostly self-inflicted on Twitter's part.
And then Twitter is used for "relevant" information as well, from emergency or transport authorities using it for quick information instead of having their own system to news of any kind or discussions and information exchange in different peer groups.
Considering that they count all tweets being loaded towards the quota (for instance replies to a tweet, if you open the detail page) and they like to shove tweets from Musk and others in the timelines the quota can be reached quite quickly even on considerate use.
I really don't think it's wise to be putting so many eggs in one basket, convenient as that might be. This right here is a strong example of that.
If those information providers weren't on Twitter (well, a year back, nowadays may be sifferent) they'd be ridiculed.
Of course using Twitter as only/primary channel is and always was questionable, but alternative systems are more expensive.