The drug dealers, i.c. Meta and consorts, do and will oppose regulation strongly. Didn't they get the blooming president of the USA himself to intervene on their behalf? That will lead too far too much leniency.
Furthermore, the supply chain isn't comparable to drugs: you cannot illegally import facebook, and you cannot make a ton of money out of it.
And legalization, i.e. the status quo, just keeps the problems too.
It's a bad metaphor.
BTW, I explicitly mentioned fentanyl. It is regulated. And we all know what happens when you release it for free. Now that I think about it, you didn't reply to the argument at all. You just mention war on drugs, then shift to marijuana in a kind of gotcha style and hope no-one notices.