That is not the only possible explanation. A more likely explanation imho is that social media falls into the long list of things you do for a short term reward even though you know you shouldn't, like smoking a cigarette or getting drunk.

You know it is not good for you but your executive function and ability to plan long term are compromised (whether chronically or acutely), so you do it anyway, and regret it later.

Some people regret it. Some people prefer a marshmallow now to two tomorrow.

There really is something to this. Living in NYC you meet a lot of people from different walks of life and levels of wealth.

Over and over the most stressed out anxious people I meet are the underemployed/nonworking spouse in very wealthy couples. Especially the childless ones.

Have you heard of smoking addiction?

There are lots of reasons people might make different choices than you do.

Some people have shorter time horizons, for instance.