Rich parents can not prevent their children from accessing pornography and social media on the internet, and will also not be able to do so after this legislation.
Pornography is often delivered by people who don't care about US legislation, and social media is carefully left undefined, intentionally confounded with algorithms used to surface content (which people actually do object to at least the opaqueness of.)
I, like most, don't think that the totalitarianism is an unfortunate side-effect of the attempt to protect children online. I think legislation, and legislation like this, will only be successful in increasing surveillance and public manipulation, and that it will have virtually no effect on childrens' consumption of pornography and social media. If you really wanted to protect children, there's better legislation to write and technical solutions to implement.