The challenge for regulators with Facebook or any social media platform is that knowledge is never evenly distributed: there will always exist the few who know how to use - and game - the platform to their advantage. These include the Kardashians, dictatorships, politicians, activists, Cambridge Analytica, the Myanmar military, communications agencies with the right skills, and Facebook itself.
Breaking up Facebook wouldn't address this root problem. Governments need a two-prong approach: first, make the platform responsible for the content its users put up, ie treat Facebook like a media company. Second, put in place laws that restrict the type of content that people can put up: opinions ok, hate speech not ok. These rules aren't new; we just need to bring Facebook under their ambit.