I kind of feel like social media is this generation's moral panic and we need to be careful how we react as parents.

Setting overly strict rules is out of touch and old fashioned and the worst possible approach here. That's like what my parents' generation did - banning video games and DnD and rock music (I had my NiN CDs and DnD books confiscated from me and thrown in the trash in order to "save me"). It's a great way to break all trust with your kids and is lazy parenting.

We need to be realistic - denying a teenage girl a phone and/or social media is akin to making them a social pariah. They will ignore your ridiculous rules and figure out ways to do things without you ever knowing.

I feel the best approach is to aim for a strong relationship with your teenage child. Communication and trust are paramount. As a parent, you want to be in the loop on what's going on in their lives - so you can provide support and guidance, and be emotional support as they navigate this part of their lives. If your child is coming to you with their problems, then you have succeeded.

This isn't new, it's just become more important. The influence of social media in a vacuum is very strong.