Although it's impossible to put the genie back in the bottle, social media has had a net negative effect on a LOT of people. There's people that have had a big positive effect to. So, it's not obvious where it ends up on net if that even matters.

But, yeah. There's a lot of people that would be better off not on social media. But it's so addictive that they can't help themselves.

I, for one, have stopped using social media (unless you consider HN social). And I've had a lot less friends because of it. But it's been a huge improvement in my mood and outlook on life.