Privacy sharing on social media has always revolved around your defined relationships with people, i.e. "friends" "family" "Close Friends" "co-workers". The reason this categorization doesn't work is that our social interactions aren't divided along the same lines.
I may tell a dirty joke to my trusted nurse, but never the other nurses in the group who would both be in a co-workers category. I may share a SI swimsuit photo with my brother, but not with my mom who would both be in my family category. I may share a medical story with my friends who are doctors, who I trust but not with friends who are not doctors, or doctors I'm not friends with.
It's a lot easier and accurate to have lists like that described the kind and content of a post than who it's intended for such as "differential diagnosis", "that's what she said", and "bragging about how rich I am". The easy thing about these categories, is that as your relationships with people change, you can easily move them from category to category. The person you first meet at work can travel from public, to co-worker, to friend, to friend with benefits, to fiancé, to wife, to bitch -who's-taking-all-my-money-in-alimony. And when you do go to post something, you don't have to remember who exactly is in your "friends" category vs your "co-op" category. You just post the comment in the right category of conversation. If you later decide that you don't trust someone, or want to elevate someone it the flock, you don't have to change the original privacy settings on the post, you just change the category that person is in.
Anyway, the point is, if you ever see yourself listed on my phone as a "sex joke", it's not a judgement of your nocturnal abilities.