Almost no one is ever happy with fact-checking, it often just leads to more disputes about whether or not the fact-checking is correct or warranted. To me it seems much more efficient to simply teach people not to take anything posted on social media seriously and to better think for themselves. One may say that the president should be an exception because of the number of people he reaches, but what about a famous actor with millions of followers? Or Elon Musk? What would the line of acceptable influence be in order to make someone fact-checkable? The set of fact-checkable people could be very large, and the manpower required to fact check all of them formidable.
One may also argue that the president harms our country's image but again, senators and congressmen represent us as well and can also influence large amounts of people.
That does not mean he must go uncontested; people can still dispute everything he says by responding (the original form of fact-checking). The discussion should instead be about whether or not political figures should be able to block people. I remember that was an issue a while ago, and I'm not sure where it is now.