Maybe, maybe not. The mental effects of products optimized for delivering advertising don't seem to be great for people or society (see: Meta's products, Twitter, TikTok).
This actually is a very valid argument. Cigarettes actually provide value to the user. Yes, there are negatives, but the user typically knows those and decides the upside is worth the risk.
Do people know the risks of being profiled by ad companies? I am not sure most people can even begin to understand the associated risk. The few attempts to show people what companies know about you were shut down pretty hard.
It’s been discussed for years in dozens of articles on hacker news and everywhere. At this point the burden is on you to show us on how being plugged to social media 24-7 is not harmful.