There's so much good meta-data (likes, comments, duration, sound used, views, like/view ratio, skips, loops, subscribes, etc.) that I'd be surprised if they were digging into the contents of the video at all right now.
Using ML it is very easy to tag videos.
Why would you be surprised to learn TikTok is doing video content analysis?
Video understanding is an active field of research and I'm not sure state of the art is there yet for capturing nuance like engagement potential, categories etc.