From an unexpected conversation with some younger people not long ago (though not this young), they may have just switched to LSD.
My personal take is that the net social impact is positive for alcohol, marijuana, hallucinogens, and maybe some of the party drugs. For most people, they tend to be a social lubricant, tool for exploration, and source of fun.
I think that smartphone use probably balances out negatively. I think for most people, they have a pretty severe negative impact on their lives, and for some, an extremely negative impact.
The worst outcomes for drug use are probably worse than those for smartphones, but not by too much in my opinion.
Social media usage on the other hand has been normalized and now humanity's social fabric is in the control of a few companies who are happy to rent it out to the highest bidder. This has obvious implications regarding democracy, surveillance, misinformation, etc.
From a society perspective, I'll take substance/alcohol abuse any day because it appears to be self-regulating at a level that while is higher than we'd like, is much lower than what it takes to destabilize society and democracy.