We're considering exiting Facebook and Twitter in order to focus more of our efforts on growing our LinkedIn community. I'm curious to hear from others who are considering or who have done the same. Did you experience any benefits or drawbacks? 

I'd suggest it definitely depends on your audience.  As someone mentioned, examine the places that your customers are doing their research.  Paid ads on LinkedIn can be very narrowly targeted, but they aren't cheap.   If your product is consumer facing consider staying with Facebook.  

We divide our social media platforms by function. There is very limited marketing promotion happening on Facebook, X or Instagram. Those platforms are almost purely for "employee life" and are primarily managed by HR to aid in culture and recruitment. Their audience is existing employees and potential employees.

To your question - Yes, LinkedIn is the only social media platform that product marketing teams, and sales teams, actively use in both an organic and paid capacity, and are primary channels we market in. 

My business teams have taken this approach and is working well for them. Sorry, cannot provide more details but the current focus is more on LinkedIn than TW(X) or FB

The answer lies in "where are the eyeballs of your intended customers looking.?"   If they are consumers, probably still looking at Twitter and Facebook, if they are business managers then more LinkedIn views.  There are also industry boards where you can have have additional engagement and influence.

I think this is becoming increasingly common, especially for B2B companies. We continue to share some content on these platforms, but we've seen little to no impact or growth over the last several years. Our primary platform is LinkedIn, so that's where we focus our time and energy. I think it depends on how much traffic and engagement you've seen over the last 6-12 months on these platforms to decide what to do next.