The topic is very nuanced. Social media is bad but so are the authoritarian actors wanting more and more control over everything. The government control aspect is a huge concern of mine too but it's already well covered here so I want to go over the reasons it might be a good idea.

Yes this is true parents are responsible for their kids but it's also true that the village a kid lives in actually influences the kid more than their parents. So it's up to the parents to choose a good village. If every village has the same global social media apps then obviously that's more difficult and not a pit of success. Keep in mind most parents also have a shitload of other stuff to do especially with inflation requiring two incomes to operate a household.

Individualist types don't seem to get the whole village thing at all. It's hyper-individualism with no acknowledgement that we DO affect other people with our actions. Pollute as much as you like, fly noisy planes, drive oversized killer-SUVs. Let every company do what it wants because free market competition and better technology, or something. We're actually social animals and our happiness has a lot to do with how we stack up socially. Hence if just one kid has a device the other kids get jealous and want to keep up; The obvious answer is to enforce a culture of no-phones. But that would take a some agreement so a individualists don't like it.