Researchers recommend limiting social media use to less than 30 minutes per day:

Results: The limited use group showed significant reductions in loneliness and depression over three weeks compared to the control group. Both groups showed significant decreases in anxiety and fear of missing out over baseline, suggesting a benefit of increased self-monitoring.

Source: No More FOMO: Limiting Social Media Decreases Loneliness and Depression | Journal of Social and Clinical Psychology

Note – small study, limited duration time frame, field of psychology which has issues with replicability of studies, and full text of paper available only by paying a fee so most of us cannot see the full study.