The concept of physical vs psychological dependence is kind of outdated, see:
https://www.youtube.com/watch?v=-EaiP31qWf0I don't see anything wrong with talking about a video game or social media addiction. Of course it's nowhere near the same level of danger as a heroin addiction, but if it's counter-productive and there's the same kinds of behaviors involved, it can be a useful model.
Just the same, you can be addicted to coffee. Caffeine is a drug. It's not expensive, and it's not known for tearing families apart, but it builds a tolerance, it produces a withdrawal, and people will change their behavior to get access to more coffee, may become aggressive when they can't get access to it, etc.
If you think that you waste too much time on social media, then just like with drug addiction, there's a question of first realizing/accepting that this is even a problem at all. Then, once you've realized that there's a problem, you might want to think about coping strategies, replacing social media with other activities, developing healthier habits, etc. And just like with a drug addiction, you might find quitting cold turkey difficult.