Cutting ties with dead weight? Sure. People change and if you are seriously dealing with more drama than enjoying their company, then maybe it's time to move on. Doesn't have to be dramatic, just a shift in who you devote your time to. 

Cutting off every single person you know? Not so much. Just remember who your real friends are, or the people who you've always gotten on just fine with and focus on them. Case in point, out of all the friends I still maintain ties with from back home, most of them are people I've known for ages (like, grade school ages). 

It's not wrong or selfish. It's life. Sometimes, you discover you're trying to maintain something based entirely off of nostalgia and nothing more, and that's kind of where problems stem from.