In general, you're correct. The problem is differentiating useful knowledge from trivia. Knowing pop culture references is useful from a social participation standpoint. Knowing the top 10 songs for each week of the past decade, not so useful except as a party trick. Or, less trivia more general knowledge, for most of us it doesn't pay to know the ins and outs of every world conflict. They're beyond our control (mostly), so knowledge past a certain point only really helps create a sense of despair and helplessness. There's no reason to remain glued to those news feeds after a time because they'll only keep you from living your life.

However, when it comes to skills like reading, math, logic, athletics, creative, or production type things, you can only know too much if there's a set of skills you can't use or your breadth is so great you're mediocre or worse at most of them.