I mean, I'd argue it's worse. Cigarettes don't run your communication networks, and aren't a functional necessity for businesses to advertise their services.
On that note, not that I think regulation is the entire solution in the first place (see ATProto for an example of something independent of government that gives me hope for the Internet), but I feel that where a lot of the "protect kids" Internet bills fail is that many of them treat that as a separate, special concern in a lot of areas where they could cover it anyway by just trying harder to protect users.
In the US, where I'm writing this, it's sort of like how our age discrimination laws are written just to protect elders, but didn't do anything to protect them from the lower floor that came from letting businesses keep spreading stereotypes about who the minimum wage is for or otherwise pushing hustle culture onto 20somethings.
The use of the Internet to astroturf political discourse is an example of this -- you can't fully protect kids from school shootings with an Internet safety bill if you're not also going after bot farms that exist to benefit the "thoughts and prayers" crowd. But you're also never going to see that in an Internet safety bill for kids, because that (and for that matter a lot of our discourse about addictive mechanics in general) explicitly leaves out voters.
(clarifying edit: I'm not saying there aren't valid concerns around this topic. I am saying that when we say things like "experimenting on users' mental health without their knowledge is bad," the baseline should be that you don't have to add anything to the sentence for it to be taken seriously.)