Yes it is a different kind of worth, but it is not worth less because of it.
This common argument to not take market cap valuations seriously doesn't hold.
True, Meta as an entire entity is not liquid. A forced sale in entirety would produce a massive reduction in compensation. But that is a highly unlikely and contingent reduction.
It is also true that if you have Meta's equivalent in cash, the value of the cash is likely to drop, while the value of Meta likely to grow, over any appreciable time. In that sense, $X cash is worth much "less" than the $X market cap.
These seeming contradictions are the result of different practical tradeoffs in structures of wealth. Not because market caps reflect misleading or overstated accounting.
Would it be accurate to say market cap valuations are intrinsically valuable because they drive people to buy shares by projecting success?
Having a market cap? You mean a non-zero market cap?
Or do you mean a greater vs. lesser market cap? As compared to what?
If market cap was intrinsic value underlying itself, the business would be irrelevant. That is a circular “origin” of value that even novice investors would want to sell out of. That doesn’t work.
Success that matters for investors isn’t evidenced by a high market cap. But by a market cap not keeping up with business growth. I.e. shares becoming undervalued. By actual/predicted growth increasing faster than cap, or cap falling faster than actual/predicted downturns.
No, market cap is a representation of the expected future success, but share cost depends on this expectation. Higher expected future success, higher share cost. So, the only reason to buy shares is if you expect the market cap to increase.
(I think, someone please correct me of I'm wrong?)