The one good thing (in principle) about a service like this is that social media is much more centralized, so this kind of system could put seemingly-effective age restrictions on social media. For example, no under-14's, or under-14 requires a supervising guardian and has other guardrails.

But this still wouldn't stop determined kids from VPNing to another country to make their account, and wouldn't stop peer pressure on kids from bleeding to parents to help them.