I see.... so would you also like to ban alcohol? Big public health expense, destroys lives, children aren't allowed to do it. The only real advantage is that people feel good (until the next morning) and big money and corporations get rich and people enjoy socialising whilst using it.
The harmful thing about social media (aside from the paedophiles) is we're exposing children to an addictive set of dopaminergic behaviours without really understanding the consequences of doing so. I can tell you some of the most observable consequences if you like - the early sexualisation of young women (now getting makeup tutorials from influencers), the consistent need for comparison. 24/7 access into each other's lives, including the ability to continually and mercilessly bully each other to the point of the suicide. The rise in eating disorders, the recent death od kids doing stupid challenges (read up on Archie Battersbee), the unchecked influence of radical influencers, including domestic and international terrorist. The inability to protect young kids removed from their families. A rise in coordinated school gang violence generated on social media and spilling into real life. The shortening of attention span. The unseen 'influencers' who shill capitalist merchandise - and the falling reading rate for books.
So no... I don't think arresting a few paedophiles is going to solve it. (Though we should definitely do that too).