IMO it absolutely is the better way to model it. There's a reason that verbiage already existed in English. The other commenter is right though, there are the rare interaction between social circles that are lost but honestly I remember seeing just as many poor ones on FB back in the day as spontaneous positive ones.
Circles was basically an ACL system, which isn't fun. Even if you do care exactly who you're sharing things with, it's not easy to tell with a Circle who that is.
Instead of friend graphs (mutual) or follower graphs (directed edges), they had Circles.
Circles sound a lot like group chats.
I guess "social circles" may be a better way to model social relationships than follower graphs.