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Weighing a very low probability extreme consequence vs. various questionably impactful interventions with certain downsides is hard (at least in my view).And that's the essence of the decision.
IMHO, the sane move is not crippling your child's development and your trust relationship with them in exchange for preventing an extremely low probability event: that they will be approached by a sexual predator, who's convincing enough, decide not to talk about it with you, and successfully conceal it from you.
To me, it's a known harm (spying on your child) in exchange for a nebulous good (you might catch something).
Do I have conversations with my child about what they do online? Absolutely! Do I keep a weather eye on any new developments or characters who pop up? Absolutely!
But do I think the solution is technically spying on my child? Hell no. The proper means of redress are analog and emotional.