Absolutely. I use an old phone specifically for all social media apps. It doesn't have my contacts or other data on it, so they can't steal that. When I want to be distracted by Twitter, I have to find it and turn it on explicitly. Which is enough of a barrier that I do it a lot less.
Another way to achieve this is to avoid the native apps for Twitter/FB/etc and just use the mobile websites. No access to camera/photos/contacts/location/etc.
