You couldn't be more wrong. There's no equal footing when propaganda buys you thousands of bots to parrot what you want on every related post. And there is no ability to "reach everyone" when intransparent algorithms decide what reaches who. Moreover, some kind of content is explicitly suppressed and censored.

I will agree that governments are happy to bend the knee to corporations. But corporations control social media, so why would the corporations themselves not further their agenda using the platforms they control? Be that simply letting chaos ensue (see the UK Southport riots that were sparked by a "news story" from Pakistan) or from tuning the algorithms directly.

People have control over their government, at least in democracies that are functioning to a basic level (see Hungary recently). But they have zero control over social media, in fact the only organisations that can control global billion dollar tech companies are nation state governments...

It could be both