Is it okay to log in to my actual social media account via Tor?

Yes. That's how a bunch of people get caught. Sometimes it's just logging into an "anonymous" account that shares a username with a trackable/traceable network.

Never log into anything if you're expecting privacy.

A couple things will happen. Regardless of how you access tor (Tor browser bundle, tails, whonix, etc)

Your social media account will be associated as a Tor user.

Any cookies associated with the session, any browser fingerprinting, the browser, that you logged in via tor will now be tied to your social media identity. So if you look up a recipe for lemon meringue pie, and then in the same browser log into your social media account, even though it's via TOR, someone will be able to say this social media user looked up a recipe for lemon meringue pie

Many social media accounts, will flag the account as high risk now, and require you to do extensive verification of your identity. This is honestly a good thing, to prevent people from attacking your account

What you're describing, is very much like cutting out magazine letters, dropping a letter into the mail from a random city, and then in the letter identifying who you are with your full name and address. You can do it, but what's the point?

It's up to you, if this fits your threat model, the EFF has some good guides, privacy guides also have some good guides, you need to decide how you want to use the internet.

What social media are we talking? I access Lemmy through Tor every now and them. As for more intrusive social media (like Facebook and Instagram), they’ll try to associate your IP to your profile. So, they would be suspicious of continuously changing IPs, and ask for more verification (even more intrusive), or just ban you from their services. Also, they can easily know if the request is made from a tor node (try opening https://www.dan.me.uk/tornodes from a tor IP).

However, if I were to even ignore you accessing their service via a tor IP, it is still not private. Facebook, for instance, is very adamant on users providing their actual info. I tried opening a facebook account on multiple occasions, both with fake and partial information, and always got banned from their service. I have completely stopped trying now.

Let’s say you already have an account, and you are accessing the service through Tor (without them blocking or banning you somehow). It would still be a bad idea privacy-wise, because all your user activity is still being tracked, and linked to your profile (which might have your real info). So, you are still being extensively profiled, and your data would still be used for “improving their services and the user experience”.

So, unfortunately, the only thing to do is not provide them with more data points to track you, i.e. avoid intrusive social media altogether or move to social media which collect less data.

if you log into mainstream SM with your account then all previous and future things you do on that system will be linked to you on their end in some way.