Recent correlational research links smartphone and social media use to lower well-being among Gen Z youth, yet other work suggests that the effects are small and unnoteworthy. However, these findings rely heavily on self-report. How accurate is self-reported smartphone time and are objectively measured screen activities associated with lower well-being than nonscreen activities? Finally, are some smartphone uses “better” for well-being than others? We addressed these questions by examining correlations among psychosocial well-being and smartphone time in 414 Gen Z participants. Although objective smartphone use (i.e., assessed via Apple’s Screen Time function) and self-reports were correlated at r=.55, most participants were unable to accurately estimate their smartphone time. Furthermore, the more they used their smartphones—whether assessed objectively or via self-report—the less happy they were (rs=–.14 to .17). However, some apps were associated with more well-being (e.g., Camera, News, Snapchat) and others with less (e.g., Facebook, Reddit, Tinder, Twitter).