Depending on execution there’s a significant risk of the child developing a deep-rooted parental resentment that may never dissipate, risk of them going wild the second they’re no longer subject to house rules, and risk of them not being able to handle the things they’ve been barred from in adulthood due to lack of experience. The tighter the parents’ grip the more these risks grow.
I have yet to become a parent so the only experience I can draw from is that of my childhood, but I believe what I would do if I were raising a family would be to put some limits in place, but also spend time discussing why the limits exist with my children and break down exactly how things like social media hijack your brain in effort to inoculate them against it. Every kid is different of course, but many are much more bright than they’re given credit for and can show surprising ability to self-regulate when they understand the reasoning behind rules. Mandate without supporting logic on the other hand is likely to inspire rebellion.