Social media is bad for you. Though I'm not sure that social media enjoyed a "social media is good for you" phase. There are certainly studies I'm sure that are out there, but the general consensus seems to be negative.
Oh, at least here in Brazil, people still find it strange if you say you don't have an Instagram account. There's this idea of being a bit weird for not following this trend.
The shift from social networks to social media was subtle, and insidious.
Social networks, systems where you talk to your friends, are okay (probably). Social media, where you consume content selected by an algorithm, is not.
[1] - https://tobacco.stanford.edu/cigarettes/doctors-smoking/more...