This is a 50/50 situation.
On one hand, some people can spend all their time on social media, barely doing anything in the real world. We've all seen that one moron who is balls deep in their phone and doesn't pay attention to anything. I do think for people with lower will power and brain functionality social media can absolutely ruin them.
On the other hand, though, social media can also be the only way some people communicate/feel safe communicating. For example, people with Autism who, in person can't make eye contact and/or struggle to speak. However, get them on Facebook and they will talk your ear off.
Social media can be largely detrimental, but I do think there are some communication benefits.