With moral panics, the kids would never agree that video games or D&D or whatever was causing them any problems, yet with social media use most kids will agree it’s a problem, so can’t be characterised as a moral panic.
Furthermore, most people panicking about dnd and raves have exactly zero experience with either. Almost everyone has experience with social media and a lot of the criticism of it comes from things people directly observe from their own personal experiences. It’s not like this is a completely uninformed mass hallucination like the satanic panic of the 90s.