The online safety acts and its EU counterparts are somewhat risky, but nobody wants the mention the only proper alternative: a total ban on "social media." Not just for kids, but for everyone. Or a ban on smart phones, that would work too, at least short term. But: money.
This is unfortunately the reality.
The other day a friend asked me to help her make her phone safer for her kids to use. I started by asking if she set permissions on the apps she downloaded. She looked at me blankly, "What permissions?". I proceeded to show her how you can granularly control what you allow each app to do on your phone and what access it is allowed. Her head blew up, she had no idea any of this existed and after gong through a few menus, she didn't care any more. It was all too complicated and too much to think about for a busy mum.
This is why governments unfortunately are having to try to protect people from themselves. As tech competent people it all seems so simple to us, but we need to remember the majority of the population just click 'Allow All' and blow past all permission and security questions as they have no idea what any of it means.
It'd be even better if there was a way for people to selectively turn it off for specific devices without MITM the connections. It wouldn't be that hard to come up with a mechanism for that.
When restoring factory defaults, the same question, just in case the phone is sold, gifted, stolen or whatever.
If you are going to give a phone to a minor you should set that option right from the start.
Options between "we don't have tech in the house" and "wide-open tech, we have it all" are all some amount of painful, usually for no good reason.
(I remember once investigating how to do some pretty basic stuff for this in Linux, hoping to find something nicer than manually setting some executable permissions and firewall rules and then having to go back and change them all the time, and the closest thing to a guide I found was an old article from Red Hat that basically lead with "LOL, good luck you poor sap, Linux sucks at this" before going on to explain the various bad ways available to sort-of, but not entirely, accomplish it with a lot of work, and significant ongoing time-burden)