It recognizes the CCP's claim to Taiwan as part of China.
Recognizing that Taiwan is part of China is not part of the act, and was deliberately written as such.
There's a vast difference between diplomatically saying "this land is yours" versus "we understand that you claim that this land is yours".
Night and day. The deliberate vagueness was the whole point of the language used in the act.
However the majority opinion of western world which is shaped by MSM has another view that "(A) This land is not yours and (B)it's not debatable". They only mention the issue is "debatable" when the position of US official position is against their opinion. Underneath they still believe there's no controversy that Taiwan is not part of China due to their hidden ideology.
Decoding hidden part of people's mind based on their output is more interesting than the original topic and also itself is quite controversial.
Fair point. The wording is intentionally vague and up for interpretation - because as you say, we all know US's opinion is that China is China, and Taiwan is Taiwan, but in order to avoid pissing off China, we keep things as ambiguous and vague as we can.
Strategic obfuscation, if you will.