I've had first-hand interactions with Nikita via the startup world. I never met a more toxic and sociopathic individual. He's obviously very talented (especially at parting investors from their money) but the way he scammed the Knight Foundation was morally criminal
I recommend reading Jonathan Haidt's book The Anxious Generation.
What you describe was probably true, but it's not anymore. You have algos intentionally targeting formative brains, rewiring them and (at the risk of sounding hyperbolic), destroying children and teens.
This has resulted in a measurable spike in depression and self-harm globally.
The Anxious Generation is a recent book that extensively explains the damage caused by social media before age 16. The arguments in the book would support such a ban if it manages to get the majority of kids off social media, but it has to be a critical mass and not easily evadable