No. Too many people mistake social media for a daily life. Essential means something you can’t live without. That doesn’t describe social media.
It also refers to what is fundamental or characteristic of something. Social media would be a fundamental element of daily life for a great number of people.
Personally I don't think it is very important and have never been a part of social media in any meaningful sense but I am not particularly social in general so I can not offer anything beyond pointing out that words often have more than one meaning.
For personal life, not so much. Social media spirals into a compare each other's grass game and leads to depression. I'm glad social media didn't exist when I was in highschool. Today, social media is dangerous using your real name because whatever you say is stored and as the cops say, can and will be used against you.
