The second-order effect of this is interesting to ponder about as it creates an asymmetrical situation. Those countries get the "good" parts of social media (as in, good for their government) whilst we get the bad parts of every app ever.
My main point is that these bad parts should not be underestimated. Misinformation campaigns, election interference, calls for violence, addiction, mental health issues, radicalization, polarization, dysfunction, the normalization of degenerate behavior, a cultural breakdown, mob justice, the list is long.
If in China Tiktok users get a cap of 2 hours of usage in which only productive/interesting (science) content is shown whilst in the US teenagers use it for 5-7 hours leading to a mental health crisis, then we're talking about radically different outcomes.
This doesn't mean that social media is only bad, nor does it mean we should ban it. I'm just saying that we should stop seeing it as an unimportant toy. It potentially is a weapon of mass destruction.