The Web (like the world) is constantly changing. If you're interested in mitigating the potential harms of social media, you're going to have to form a definition of "social media" that fits with your own goals and values, and the goals and values you set for your kids. Then, evaluate from there.
I agree. This comes down to parents letting their kids use this stuff.
The problem is that some people (and/or companies, organizations, etc) seem to think that they can apply their values on the rest of us with privacy-destroying legislation.