Is it common for this sort of company, though? I can see public-private partnerships making sense for infrastructure, for example, but a social media company? That just sounds like a way for a country to censor and push propaganda.

That's irrelevant. Did this happen frequently in the US history? The US does not simply adopt France's laws but makes their own for a reason.

Yeah, I don't mind the public profiting if public money and or concessions were made to set up the business. And especially for bailouts!