Eh, I don't think this is the best solution.
The assumption is as soon as you turn 17 you're smart enough and have the critical thinking skills to navigate social media without it negatively affecting you? Kinda dumb.
There could be an argument that at least try to block it while young peoples brains are still developing, maybe there's benefit in that.
Older people than 16 are still duped by propaganda, and become addicted to social media, and all the negative consequences.
What we need is regulation imo. Good, smart, progressive, altruistic regulation that is for the benefit of all. Ain't gonna happen though, because sOcIaLiSm and "mUh FrEeDoMs".