I don't think that social media has had that effect in practice.

We're all scrolling through algorithmic feeds on walled gardens owned by some of the greatest capitalists in history. Domestic and foreign disinformation campaigns are not uncommon, and have affected election results and fomented atrocities (as in Myanmar). The US, which birthed most of these technologies, has grown more imperialistic and conservative since their adoption.

EDIT: I saw your edit. I agree that enforcing an industry-wide standard for parental controls, preferable one that can be set per-device and must be respected by all social media services, is the right way to do this. Internet ID laws are dystopian insanity.