It should be! Although the feed is meant to be intelligent and not show you everyone's activity - not sure if this is what causes it to not update for some people - it is a known issue that has been reported to Spotify many times.
As of right now, the feed isn't loading at all, even after two restarts but no extreme CPU usage as in previous versions.
All of my friends have disappeared, and I can't view any of them [in order to add them back] in the Follow screen other than two friends I hadn't added, but there are a lot more Spotify users that I've never added that are not shown either, possibly due to the feed not loading.
There is no Activity tab in Browse for me yet.
In the old version I use, the feed is also not loading, but all my FB friends who are Spotify users are still shown,. I'm guessing they are chached in the old version. [0.8.3]. The "favorites," as they are called in the old version, are shown in the feed, but no recent activity. Guessing also old activity is from the cache. A restart loaded the feed again, but no recent activity. This is in the old version only.
To be honest, this is not uncommon behavior. Happens all the time.