alt Hacker NewsThe average person interacting with social media doesn't have a bunny suit that protects them from its ills, like you did with asbestos. This is doubly true for children.
Your example thus kind of shows the opposite: dangerous things can be made safe, with a solid understanding of their risks and techniques that are proven to make them safe. We have neither the former nor the the latter for social media.
The bunny suit for a child is the parents, teachers and social workers.
Like I said in another comment - if a parent is working 3 jobs and doesn't have time for their children, change the subsidies given to the parent for having children. Make child care free or really accessible.
A child needs a parent or at least a role model. If you ban social media, the children will still see random crap on the internet, whether it's YouTube videos or content from random sites too small or shady to be regulated. Do you want 100% of the internet regulated or do you want the government to empower the children and their parents? We have the resources, we just haven't allocated them correctly. Otherwise a parent would have time to spend with their children.