Like many thinking people I find it difficult to put social media into context. I was born into a world before social media existed and the BBC and newspapers told us what they wanted us to believe.
Social media gave ordinary people a voice and access to a publishing capability denied to them by the elites who control the media. The Brexit campaign fought against all the established political parties and the BBC and it won because it could put forward arguments about immigration that were censored by the elites. (For foreign readers, Brexit was a referendum on whether the benefits of cheap nannies and builders to the middle classes outweighed the disadvantages of suppressing the wages of the working classes.)
However, that said. Those elites do have some important jobs to do such as run public health campaigns and fair elections and this gets harder when any nutter can say what they like.
Fortunately there is a simple twenty level guide to moderating content on a social media platform that anyone can follow.
TLDR: Just because you have a problem does not mean that there is a solution.