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.