AIO if I cut off my friend of two years?

| (23 F) have a close friend (24 F) that l've known for almost two years now. She's been one of my most consistent friends that I've had since I moved to the area I'm in about 5 years ago. This summer we spent nearly every summer together and I felt we've been closer than ever until recently. We had a bit of a rough patch because she kept bringing her toxic guy "friend" around. It got to the point where I had to tell her twice that I wanted to stop hanging out with him and that if he's at an event I'm not going. She's had breakdowns over this person multiple times and eventually after me and another one of her friends talked some sense into her, she said she would cut him off. This was about a couple months ago. Since then she's been distant with me and has flaked on me twice when we were supposed to hangout. Usually this wouldn't bother me, but each time she posts herself out with her other friends. Mind you she'll say some excuse like she's having family issues or too tired, but suddenly that disappears when it comes to her other friends. Most recently she had said she was going to come to my Halloween party and last minute said she was too discombobulated yet she posted that she was out with her toxic guy friend last night. I feel hurt by this and want to cut her off but I also feel like I'm being overdramatic. Any advice on what I should do? I'm willing to have a conversation with her about it but I don't know how to go about it.