The study’s main purpose was to discover the important factors that impact university students’ online learning and academic performance during the COVID-19 epidemic, as well as their usage of social media throughout the pandemic. Constructivism theory was used and developed with constructs mostly linked to leveraging social media for collaborative learning and student interaction during the COVID-19 pandemic, given the context-dependent nature of online learning during the epidemic. During the COVID-19 epidemic, additional components such as collaborative learning, student participation, and online learning were implemented. The enlarged model, which assesses students’ happiness and academic performance during the COVID-19 epidemic in connection to social media use, was validated using empirical data collected via an online survey questionnaire from 480 Saudi Arabian higher education students. AMOS-SEM was used to analyze the model’s various assumptions (Analysis of Moment Structures-Structural Equation Modeling). The findings revealed that (1) using social media for collaborative learning and students’ engagement has a direct positive impact on students’ interactivity with peers and teachers; (2) students’ interactivity with peers and teachers has a direct positive impact on online learning during the COVID-19 pandemic; (3) online learning during the COVID-19 pandemic mediates the relationship between students’ interactivity and satisfaction; (4) online learning during the COVID-19 pandemic mediates the relationship between students’ interactivity and satisfaction. Students, higher education institutions, and educational technology application suppliers would benefit greatly from the conclusions of this study, both theoretically and practically.