Logging all requests or just some?
This part just doesn't ring true:
"if someone has visited a social media website, an Internet Connection Record will only show that they accessed that site, not the particular pages they looked at, who they communicated with, or what they said."
So what exactly are they logging? The primary domain (e.g. facebook.com) or specific HTTP requests for pages that follow it? Let's say someone looked up 10 articles on wikipedia - would they log wikipedia.org 10 times, or would they log the specific addresses, e.g. wikipedia.org/controversial-subject, wikipedia.org/nice-topic
If it's the top domain it would provide almost no meaningful information - in which case there would be no use logging it - which is why I suspect that's not what it is at all.