I think every generation tries to make this argument or one similar, which boils down to "a significant portion of the population is devoting it attention to something that didn't exist 20 years ago and that's very bad!".
I'd argue there actually much more diverse content to consume in Netflix with a large portion being 'educational' and 'informative'
Wouldn't there be some value in decentralizing social media? Surely, countries where most of their users are communicating via Facebook puts them at extreme disadvantage, especially if they need FB to comply with some sort of subpoena. We don't really have global central news networks, so why would we ever think global social media platforms would ever work? Plus decentralizing social media could possibly help with bot/hatespeech/fakenews problems, or at least localize them a bit more to reduce the speed and scale problem.