Aside from the exclusion your child will experience, there is a more practical problem.
They will access social media. They will. Every parent who smugly told us their children didn't because "parental controls" or somesuch "my child is 10, not 15" crap found out much later that they were.
When it then goes wrong, the child has two problems: they're being bullied (or whatever) and they have lied to their parents, so before they can seek help for the former they have to deal with the latter. In the one case we watched, with horrified fascinating, the child had been using social media without any guidance, without any oversight, since 12, it had developed into a very bad situation, and we were torn between telling the parents (our kids had given us a heads-up) and not sewing familial discord (the parents were lentil-knitters).
It's the "I don't need to teach my child about safe sex, they are saving themselves for marriage" delusion, or the "I don't need to tell my child to just phone, whatever is happening, and I will collect them from whatever bad situation they are in, because of course my child won't get into a bad situation because of my superior parenting".
Your child will use social media. You can choose between knowing and guiding on the one hand, and not knowing and letting it blow up in their face on the other. There is no third choice.