While there are things which could be done better, I think the issue is not social media itself, but our education system. Computers became a crucial part of our lives, yet many people are completely technically illiterate and unable to use computers on a basic level. Often the first time they see a computer is at work, because growing up they didn't have one, and now they have smartphones.
The generation which had computer science classes is somewhat familiar with how to use a computer, what are the risks, they still saw the world before the Internet. They've seen the original news portals you could trusts, forums and communities filled with real people and not with chatbots.
The generation who grew up with smartphones, no one taught them how to use these devices, what risks they have. They are barely taught in school how to behave in person (since you can't really punish kids anymore or say no to them), let alone being taught how to behave online and how to distinguish false information from reality.
And then there is the older generation, who never really had to use computers with internet for work, they happily carried on with their lives without it even in retirement, but now are forced to have a smartphone to deal with their banks, talk to their children and grandchildren who don't want to call them anymore just use one of the chat applications, which comes with them being introduced to Facebook at least, where they get spammed by all the fake news and adverts. And they absolutely have no concept of these things potentially not being real.
Long story short, our education system needs a drastic change, and has to prepare people for living in a digital world safely, and teach skills which are actually useful when you get to the age of "oh I need an adult... wait... I am the adult.... what do I do now... help?"