I’m not a parent yet, but I worry the same thing. It’s also bigger than parenting. I know a lot of folks in their mid-late 20s who suffer from self esteem problems due to social media. In addition to the overt and obvious depression, there is a constant “not-good-enough”-ness and sense of nihilism that comes with having the best of the best in hobbies, the most social, most active, etc., people shoved down your throat day after day.
I would add that beyond the effects of it crushing one's self-image, it also messes with your world view. Social media presents the world as nothing but doom and gloom whilst in reality it's not that bad.