It's plausible that not having social media these days does more harm than good, since you end up effectively isolated. It doesn't mean that social media isn't bad for kids.
I'd say the current paradigm of social media as it's designed is bad for everybody, but kids are more susceptible for that reason. It's easier for adults to find other social outlets compared to kids. The entire concept of social "media" is marred by advertising and all that, so if the paradigm were to be changed to something more psychologically healthy then I think it would help a lot, but maybe it wouldn't be considered social media anymore either.