I do think you can limit social media, either by getting her to stop on her own or by deactivating her account.
However, it's important to remember that social media didn't cause this issue. Teens have done this nonsense about who got invited and who wasn't in the photo for decades. It's just more public now, and more instantaneous. And there's even less thinking about what effect words will have.
So a lot of your work is not about limiting screen time but about creating a resilient teen who can see beyond the immediate moment and look at the long term effect. That can mean considering words, choosing better friends vs. the "popular kids" who show off, and understanding that once something is out there (photo, gossip, hurtful words), it's out there forever.
I think we need to work especially hard with our girls to make them less dependent on the approval of others. This went on in the 60s, 70s, 80s, 90s, 2000s and 2000-teens too. Technology is new, attitudes and insecurities are not.