It doesn't but sends a good amount of data to China which they have not yet (to my information) clarified. Similar ban was implemented in India, which gives more context to what I am trying to say. Source: https://pib.gov.in/PressReleseDetailm.aspx?PRID=1635206

And parent company will always have the dibs, if you will, on Tiktok. Regardless of whether tiktok is out of China or in.