Yes, but these social media platforms currently avoid government regulation and liability concerns because they claim that they are merely "platforms" for the free expression of ideas, as opposed to "publishers" that actively bias the information available on their platform. They can't have it both ways. If they want to control the information presented, then they should be liable for false and damaging information that is on their sites, IMHO.
This lawsuit could be very helpful if, as part of the ruling, it is made clear that these outfits are publishers as opposed to unbiased platforms.