Complete BS and paranoia.
They KNOW their product is addictive, especially to kids whose brains are still developing. Giving them Dopamine hit triggers the pleasure centres of the brain, effectively making them drug addicts , supplied by Social media.
The last think they want is kids without social media, and reaching an age where they have been taught critical thinking, how social and other media works, how sales pitches work, different kinds of addictions, bullying, blackmail, sexual extortion, No means NO, etc etc etc. They will be taught the mental health benefits of face to face social interaction
Social media already knows who you are, they probably know more about you than your family.
They buy and sell information about you from all sources, cellphone tracking, credit card purchases , services you have (internet, power, gas, phone, Netflix etc
Kids have exactly ONE chance to grow up into healthy adults, ones who will have productive lives. If THEY fail, you old age is going to be horrific , poverty, ill health, no services etc etc.
I am 100% selfish, I want ever kid born today to be working so that my retirement is as good as it can be.