No, social media does not make the Olympics less special. In fact, I think it makes them more special. Social media gives users a platform on which to discuss Olympic events. It also allows more people to see Olympic events they might have missed when they were originally aired on TV.
The fact that people can now be updated live on events taking place at the Olympics helps the games overall. People share clips and other happenings on social media with their friends who might not otherwise watch the games. The impressive routine by one player can lead to millions of people watching the games.
Social media is how people consume the majority of thier news and content. It doesn't make the Olympics less special to know that people are learing about her this way, it simply is what it is. When TV replaced radio it did not make the Olympics less special, it simply changed the way people watched them.
No, social media does not make the Olympics any less special. The Olympics are an exciting athletic event as well as a cultural pride. It does not matter where someone views an event. They are still able to marvel at the abilities of the athletes, cheer for their favorites, and take pride in the accomplishments of their fellow countrymen/women. Social media allows individuals to view events they may have missed and to share them with others.