I'm torn on the issue.
On the one hand, I view the early internet as saving me/raising me. I detested school, still do. Sure there were dangers back then too, but that's why we learnt to be skeptics, anonymous, question people's motives, and actually understand the technology.
On the other hand, social networks weren't around, videos weren't really around, advertising wasn't around, nothing was monetized, there was no such thing as a Webcam, no such thing as a mobile. By the stage of the internet, I was well and truly addicted to reading.
If I had children, I'd probably want to restrict them from phones and social media, at least until they learnt to love reading, learnt to concentrate without distractions, and skepticism/pushing back against social messages.
Simultaneously, I feel my current life would have been worse off without early access to the internet...
Edit: in case it's not clear, I think this is generally a good thing. It may do us good to remember this isn't the first time technology has tried to insert itself into the classroom. Television was supposed to revolutionize teaching, but most of us now would be hard pressed to believe that TV in the classroom is generally a good thing (the teacher generally used them when they were lazy or needed some time off). Let's not kid ourselves, the MAIN purpose/use, like TV, of phones and tablets are currently media consumption and social communication, not learning.