It's obvious from the hyperbole around the discourse alone that this moral panic has reached levels of derangement that far outclass any rational basis for judgement.
Does social media have negative consequences? Sure. Are people assholes on the internet? Always have been. Is social media the greatest and most existentially perilous evil ever conceived by humankind? No.
I think in ten years people will look back at this (on whatever strictly censored and regulated internet replaces this one) with the same bemused confusion as we do the Satanic Panic. And honestly in forty years, if technological civilization still exists, we'll find out how much of that was stoked by the CIA or other interests.