The TL;DR: for "addictive feeds" is basically blocking a feed that is built based on their previous interactions with posts (whether associated via the device or the account). Doesn't impact searches or followed feeds.

So, you can still use TikTok or Facebook or Instagram, just without the hyper-personalized discovery/FYP/etc feeds.

I'm cautiously optimistic, since this kind of block doesn't really create a moat around existing businesses. And frankly, I like that kind of non-personalized feed sometimes.

EDIT: Downvoters, that's from the text of the bill itself. I recommend reading it if you don't trust (or don't like) this TL;DR.