In my opinion, being an arrogantly confident parent is only modestly better than being an ignorant or lackadaisical one.
Your children can be harmed by social media even if you (try to) monitor and regulate their use of it, or prevent it entirely.
If you got a call tomorrow that your child had taken his or her life because bullies had posted abusive content about them online, resulting in real-life ostracization, you might have a different perspective about how insidious these platforms can be, even when people aren't active users.
Note that, unless you're with your children 24/7/365, you can't fully regulate your children's' behavior. You might think your children aren't using social media, or don't even have a phone, only to learn that they had a second life you didn't know about. Because there is so much pressure on young people to be present on these apps.
Civilized society frequently regulates products and services that are known to be harmful to society and a threat to human health. The refusal to acknowledge that social platforms have been engineered to be addictive and their operators negligent moderators of abuse ironically only ensures that the measures proposed to deal with their wanton disregard for human well-being will be more and more dystopian.