So far this has worked very well for us. She has a little time to relax after school and feels she has a little control over her own time. Bedtime has always been a problem at our house. This worked for a couple of weeks and then she started sleeping through her alarm. As soon as she proves she can get up on her own again, she will earn this privilege back.
Social activities are great, as long as they're supervised by adults and also granted in moderation.
Don't spoil your kids by letting them go wherever they want whenever they want, even if they have all their chores and homework done. The more time they spend with their friends, the more time they have to be influenced by who knows what kind of peer pressure. The more time kids spend at home with their families the better. Make social activities a privilege your children have to earn so they will see them as a privilege and not something you owe them. Teach them to spend their time in more constructive ways like reading, writing, or playing games with the family.