Affects is a verb. Effect is a noun. So In this situation you need to use affect, not effect.

You want "affect". "Do you think social media affects our life?" Affect or effect? Verb or noun? All four are possible. "Affect" can be a verb. "Effect" can be a noun. "Effect" can be a verb. "Affect" can be a noun. As a verb, "affect" means influence. "The new school schedule affects my lunch time." "Social media affects our life." As a noun, "effect" means a result. It can be in the plural, "effects". "There were many long-term effects from the pandemic." "Social media is having an effect on our lives." As a verb, "effect" means make happen or produce. "The new teacher will effect changes in classroom behaviour." "Social media effected changes in our relationships." As a noun, "affect" is a very technical term in psychology. It is not used in everyday speaking. Forget about this one.

I think effect is considered noun and the 's' after effect connotes the plural rather than the verb

You definitely can, It's not wrong though