I don't think it has caused more harm than good. In fact, there are equal disadvantages and advantages, depending on its use. Social media helps disseminate information faster, gives small businesses opportunities to promote their services and products online, allows communities to arrange charity events with ease, helps with long-distance communication and acts as an educational tool for raising awareness about certain social issues. Social media is not bad, it's a problem when it's misused and without good digital literacy.
Social media has its own positive and negative sides. The good side is that it keeps you updated about current affairs and happening around the world and it has made things easier as in if you want to start a business on small scale, you can easily promote on social media platform. You learn a lot of new things on social media but one main negative thing about it is privacy concerns. Social media has opened up different kind of cyber crimes, bullying, harassment and more stuff like that. There is a need to check and limit your use of social media in order to save yourself from such problems.