The challenge is that once they are teens, there's a pressure from others and an inclusion aspect, or access through friends and all that.
If you're the only parent putting so many rules on your kids it exclude them from what all their friends are doing and so on. That too can have a negative impact.
The balancing act becomes tricky. If they all can't use social media, it doesn't create that impact of being excluded, they all need to adapt to socialize without.
The way I see it, it's a combination, society shouldn't create a difficult environment for kids and parents to navigate as that increases the burden on parents which will likely fail. And parents need to also make sure they appropriately regulate their kids as otherwise that increases the burden on society which will also likely fail.
If both play their part though, we can raise better kids to grow into more apt adults later in life to the benefit of everyone.