Generative Artificial Intelligence (AI) is integrated into everyday technology, including news, education, and social media. AI has further pervaded private conversations as conversational partners, auto-completion, and response suggestions. As social media becomes young people's main method of peer support exchange, we need to understand when and how AI can facilitate and assist in such exchanges in a beneficial, safe, and socially appropriate way. We asked 622 young people to complete an online survey and evaluate blinded human- and AI-generated responses to help-seeking messages. We found that participants preferred the AI-generated response to situations about relationships, self-expression, and physical health. However, when addressing a sensitive topic, like suicidal thoughts, young people preferred the human response. We also discuss the role of training in online peer support exchange and its implications for supporting young people's well-being. Disclaimer: This paper includes sensitive topics, including suicide ideation. Reader discretion is advised.