This severely underplays the "risks" of not banning social media for teenagers. The link between social media use and mental health problems in teens is extremely well documented.
No, the evidence is quite flimsy and correlational, and this is clearly a moral panic.
EDIT: See e.g. https://www.nationalacademies.org/read/27396/chapter/6#93, and if you think this is what constitutes "clear evidence", well, you have some very questionable epistemological standards.