In academic settings, digital engagement is often treated as a single source of distraction. This study challenges that notion by contrasting the association of social media engagement (SME) and ChatGPT use (CGU) on student cognition. Analyzing data from 1,027 participants, we found that SME correlates with reduced cognitive flexibility and increased mind wandering (M-W). In a revealing divergence, CGU was positively associated with cognitive flexibility. Mediation analyses confirmed that cognitive flexibility fully explains the link between CGU and lower M-W, while it also partially mediates the negative association of SME with M-W. This clear dichotomy suggests that unlike the distracting nature of social media, AI tools like ChatGPT can facilitate adaptive thinking processes that help maintain focus. The implications for education are significant; rather than imposing broad restrictions, a more thoughtful strategy that promotes positive uses of AI while limiting excessive social media engagement is necessary.