Everyone I grew up with was underage drinking none of these things you've listed happened to anyone I know. Regulating parties might be one way to lessen the chances. But I'm not sure that price is worth it.
And what “price” are you talking about exactly?
But gen Z (which I'm part of) has lost out on a lot of other fun things and turned antisocial on average for other reasons, some of them having to do with safety obsession.