https://www.parl.ca/DocumentViewer/en/45-1/bill/C-34/first-reading
According to the full text, there's no such consideration regarding "traditional" the only thing that I can see that qualifies a "social media" service as "regulated" is the number of users, and that's apparently TBD by some yet to be appointed council.
Fediverse will be hard to enforce compliance, so I don't know what they'll do to try and force age gating on us.