Gym teachers telling kids not to have premarital sex or smoke drugs isn't teaching them. You can teach kids how condoms work and that STDs stay with them for life. You can teach kids that drugs these days can be laced with fentanyl and how to acquire and use fentanyl test strips.
Those things won't stop kids from having sex or doing drugs, but they can certainly and do mitigate some of the harm.
You can take a similar approach to social media. Gym teachers telling them not to use TikTok will obviously not work, but you can teach them about how their data is shared and monetized. You can show them examples of people who posted things on social media and had their lives ruined over it. If the leaders of a school district have adopted the approach that you just can't teach kids anything they don't want to hear, I think they ought to find different jobs.
As for the lawsuit, sure, you can sue a social media company? Will you win? Maybe, after extensive and costly litigation. Will those companies be forced to change their behavior in meaningful ways that will impact your students? Maybe, or maybe they'll just pay a fine and make superficial changes that last until the next lawsuit concludes in half a decade, then repeat.
And besides that, even if you manage to win and dismantle Facebook, TikTok, etc., you'll have an infinite number of other companies coming in to fill the void. You can sue a tech company, but you can't sue a general class of software. You can legislate against it, but at best that is a long, hard road.