You have to be aware, that many people here are not from USA, and their/our first thought is, that facebook and many others do that too. So for many of us, a foreign entity already has access to our conversations, content, and all the same data now china has from tiktok. For americans it might be different, since until now, it was only their three-letter agencies checking up on them (which technically is even worse, since chinese have a lot less access to those people if they start causing trouble than the local US agencies), and now it's someone else too.. but for "the rest of the world", it's just another country doing the same as has been done before by americans.

If you're bothered by social networks having access to a lot of very personal data, you're late to the game... if you're bothered because it's a different country, then welcome to the club.