Building your own email list is good, and needed, but it shouldn’t replace social media.
With your own email list, you own the list and can do what you please with it. But, you need to build that email list in order to have people reading the emails.
Social media on the other hand, already have the viewers. It has an algorithm that is wanting to show your content to other people.
I don’t see it being a question of whether you should build an email list or instead build your social media profiles.
They both go hand in hand with each other.
You should to be building your social media following while also funnelling people onto your email list. They complement each other.