This is a great policy. This forces Chinese internet companies to provide ways to prevent youth digital addiction, unlike in the West where anything goes.
The parent opt-out policy is a good thing. Some youth may be under special circumstances (esports gamer, mobile developer, etc.).
I didn't know that the youth gaming policy was also opt-out. Everyone in the west omitted that said that it was mandatory, and that seemed pretty over the top. Since both are opt out, this is a very reasonable policy.