Is Google Business Profile technically social media?

Technically, it has social features, so yes, sort of. 

You can publish updates, respond to reviews, answer questions, and message with customers, which covers most working definitions. It requires different treatment than most social media though. 

Google Business Profile is primarily a local search and maps asset, and what drives its visibility is proximity, category accuracy, relevance, prominence, and review signals rather than engagement or follower growth. Posts there do not build an audience, but they add freshness and keyword relevance to your listing and overall SEO presence in Google. 

For national B2B with one or two offices it matters less than it does for multi-location businesses, but it still appears on branded searches, which means a wrong primary category or an unanswered one-star review is a bigger problem than a missing post.