I'd say GT shouldn't be attempting to protect students from content in the first place. It should empower those adults to control their own lives and experiences as they engage with the real world.
Give them tools to shape their experiences of the world and then stand aside.
But sure, in reality there are legal issues that might block that approach.
In that case GT should not start an instance for its students.
It should simply say, We're sorry, but there's no good way to provide social media infrastructure for you, students, so we won't be going that direction.