But I do have that this is phrased as moral panic around "social media". In general, I hate the entire term "social media" because it smooshes together consumption of user-generated content, production of content, consumption of social network and contribution to social networking.
These are all very different phenomena. Kids watching Tiktok, Reels, Shorts, or whatever, doesn't really bother me at all. Producing the content bothers me a little more, but mostly as a parent -- I don't like the idea of people leaving a permanent record of all the stupid shit that they thought when they were a kid.
The other side of it, social networks, are very much a mixed bag; I'm not certain that the rise of "cyberbullying" or spreading rumors via social media is any worse than it ever has been -- we just have more visibility into it, because instead of a he said/she said about a who started a rumor, you have the screenshot of the rumor being started or spread. Maybe this makes it worse because of the indelibility, or maybe it's ameliorated by the fact that these sorts of rumormongering is so widespread and easy to see.