I just spent 20 mins hiding all the Ad, Sponsored and Sugges content and now my feed is clean upon refresh. I do that from time to time and it stays fine for a bit but that type of content starts creeping up again. Lately it has been insane though, for example this morning after seeing this post my feed was everything but content I follow.
I expect they algorithmically tailor this sort of thing so when they detect a spike in "hide" activity they temporarily scale it back so you think it had an effect, making you more likely to methodically spend 20 minutes poring over all their Ad, Sponsored, and Suggested content again in the future.