As someone with a teen, it's tremendously difficult to navigate, and like all things related to child-rearing, it probably depends on the actual kids in question.
For our teen, the rule is that mom and dad have full access to all devices at any time. Technological limits and locks don't seem to be good options, since there are so many ways around them that I think they provide a false sense of security. Also, as teens, they're always around others that may not have locked-down access, so we simply operate under the assumption that they're seeing anything and everything. Instead, we apply some time-limiting to certain things, and make sure the phone is in it's charger in a public place at night, and generally try to make sure there are breaks from the media throughout the day.
Instead, we really try to engage with the content that they are interested in, and actually try to discuss it in a constructive manner, such as how most of what you see is stage-managed to present the best side of things, or to simply get eyeballs to build a brand and/or get advertising dollars. We never apply judgement or talk down to them in these conversations. With our child (and for many, I suspect) that's just a great way to get them to tune you out.
There's also an upside. We moved to a different town before middle school, and it was via social media that our child was able to stay in touch with old friends and to stay in touch with new friends during Covid. They're also inspired to do creative things that they've seen on TikTok. They has zero interest in cooking or baking but, for whatever reason, seeing people make stuff on TikTok sparked their interest in a way mom and dad never could.
This isn't to say that we're not worried, but at some point we have to do what we can to try to prepare them as much as possible. We were also worried the first time they walked to school alone, walked with a friend to the theater in the city for a 9:30pm movie showing, and will absolutely worry when they first get into a car at 16 and drive away. We also understand that social media is a totally different animal. It's full time, all the time, and designed to suck you in. Anything you post, even in private, will be public at some point. (This was one of our earliest topics of conversation! Unfortunately, there is a not of actual evidence to support this)
All that said, it really depends on the child, their own self-image, friends, environment, etc. If we took TikTok away, our child would be upset but would be over it quickly. Getting rid of Discord, however, would be devastating as that's how they chat with their friends. Parents should 100% be knowledgable and involved, but I think legal efforts like Utah's are doomed to fail because they'll only be successful at making adults feel like they're doing something, and there are too many ways around it. I also worry that parents will have a false confidence that restricting access will somehow solve the problem and reduce parent-child dialogue about these topics, or that kids will suffer for being digital have-nots.