I wouldn’t be opposed to a device that blocked all social media, but was filled with educational, and age appropriate, apps for a child. I don’t think playing Math Blaster ruined my childhood. Super Mario Brothers didn’t give me any life skills, other than improving hand-eye coordination. Neither one ruined my life, though.
I always would advocate for an act only when needed approach, blocking kids from accessing content their peers have access to can only result in them resenting you. And to what end, at some point they are going to get online they are going to start using social media they might as well be used to it.
You are much better off talking to your kids and having an open dialogue than you are trying to hide everything away from them, because that's an impossible task.
You gotta realize that restricting access to the internet is a 100% neccecary action. You, as a parent NEED to block your child's access to the internet. Especially social media.