Whether you like it or not, technology is part of growing up in the 21st century. It's not just an "outlet" or a place to waste time on YouTube, it's interwoven into everything in their lives. Their ability to gather information depends on it. Their social lives depend on it. Just as yours does. If you restrict access, you're pretending like a very crucial part of living today doesn't exist -- or isn't as important as it actually is.
At the end of the day, I'd imagine your goal is for your child to have a happy and healthy life. As part of that, you probably want them to have a healthy relationship with technology. Restricting access instead of helping them build that healthy relationship just leads to them wanting to do things like go to the houses of friends to watch YouTube. I know this because I lived it and that's exactly what I did.