This paper systematically reviews the literature over the last 25 years to assess the dual impact of social media-based co-curricular communities (SM-CCCs) on adolescent emotional development and scholastic performance. Organized groups dedicated to scholarly or competency-based hobbies beyond the standard curriculum, including science clubs, debating teams, coding clubs, and art collectives, have migrated to platforms like Facebook, Discord, Reddit, Instagram, and YouTube. Our study integrates results from investigations carried out in the United States and elsewhere and illustrates the prevalence of multiple contributory factors. We learn that well-governed, interest-based SM-CCCs can strongly support academic engagement and foster emotional growth via peer support, mentoring, and identity search. Conversely, poorly governed communities can cause it to be difficult for students to concentrate on schoolwork, put them on edge, promote unhealthy comparisons with others, and enable people to bully one another on the internet. This research utilizes synthetic data models to illustrate important trends, such as the connection between community type and outcomes, and the mediating roles of parental involvement and digital literacy. The article states that SM-CCCs don't exist independently; they only occur due to how they are constructed, how they are moderated, and how teenagers behave. Teachers, parents, and politicians must maximize these online networks while also ensuring that they are more secure.