I really appreciate your response, which made me realize this is more nuanced than I thought at first blush. (I wrote that reply before you linked the National Academies review, which was quite helpful.)
Maybe I am truly morally panicked, but I'm really hesitant to brush aside the evidence as "basically nothing." Small effects are worth paying attention to (https://psycnet.apa.org/record/2022-26026-014). And quantifying the harms of social media use is less like quantifying the harms of, say, smoking cigarettes, because social media has (indeed, is built on) network effects. You could plop a kid from the 50's into a modern American neighborhood and their mental health might decline even if they don't use social media because of the way it has changed childhood. When the social life of an entire generation is transformed by technology, it stops making sense to ask "How much does one hour of Instagram hurt mental health?" Yet that is essentially the question all the studies are designed to answer, and even still, we see an effect.
Anyway, thanks for taking to time to explain your perspective.