I'd love to see any evidence of TikTok acting on behalf of any country (especially China) as a hostile actor, or even any evidence of legitimate election interference. If anything banning TikTok is a significantly more hostile response from the US since it silences another forum for free speech.
Social media is a cancer, but this ban is such obvious propaganda. The only reason TikTok was banned because the US government doesn't have free reign to spy on its users like it does with Facebook, YouTube, Twitter, etc.
If the US government truly cared about social media and it's affects they would be regulating all of it. Instead they're trying to ban TikTok while screaming their heads off about China every chance they get. And that's before mentioning the extremely shady way they passed this; attaching it as a rider through a government 'aid' bill.
YouTube and Instagram have features that are in direct competition with TikTok. YouTube has even been more aggressive in promoting themselves as the TikTok alternative. On top of that the US government has an incentive to keep them (Google and Meta) happy; since the US routinely spies on its own (and other countries) citizens through these companies.