No, there is literally no feasible way to make this concept work. Not as a horror, not as a black comedy, nothing.
People bring up children of the corn and lord of the flies, but do you know what the difference was in those? A lack of adults. Once you add adults with a 2 - 1 ratio, there’s no way to keep kids in power. Even Enter’s child militia thing wouldn’t work because adults just plain have more experience, stronger bodies, and a higher level of intelligence. Plus, why would you just give up freedom willingly once you get to a certain age?
Any child run society is doomed to fail, and any kids ruling adults fantasy would never work without the magic. Even KND had the adults break slavery by spanking the children. And GA would probably end like Beware Children at Play.
This concept is impossible to work with. Period.