Maybe 'social media bad' is just the new 'video games bad' or 'watching TV bad', but the sheer scale and intrusiveness is completely different imo.
I couldn't carry my gaming PC with me as a Team Fortress 2 addicted kid, my Gameboy was too basic to keep me compulsively glued to its screen for 8 hours, it couldn't constantly send me notifications, it didn't have some hyperoptimized billion dollar algorithm meticulously designed to exploit human psychology.
There were friction and physical boundaries, now there aren't. That's a problem.
Just ask most primary school teachers how their students are doing.