I have a no-socials policy for my kids until they're practically adults. It's not an easy policy, and the oldest who had to deal with this policy first, was not thrilled about it.
But it did bear fruit. My oldest is at university, and is not entangled in social media drama. Which is not entirely due to my policy--the oldest is also extremely independent--but I can't help but notice it played a part.
It's not easy. Regardless of whether it's a good or bad thing, they definitely miss out on some degree of what makes up the public commons for kids today.
Every now and then there's a story about a (usually) millennial who swears off social media and finds value in doing so. Sometimes they go back, sometimes they don't. But millennials marinated in this world for so long, it's really difficult for them to break out. (At least the Zoomers got "touch grass" pretty early on.) I feel for the millennials trying to navigate through all this. For GenX it would be like making it through the 80s without knowing the lyrics to Michael Jackson's 'Thriller'. You almost have to be an extreme outsider or a very independent person indeed to escape the milieu.