(IANAP -- this is not parenting advice ;) I speak mostly as a newly-minted adult who still remembers what it was like to be a child, when my world was small, so small decisions felt very important, especially when they were made without my input)

Children are people too, just with less experience. Your goal really isn't just "ban TikTok", it's "raise my children to develop healthy habits on their own and to recognize when they are being manipulated."

So, even if you ultimately decide to enforce parental controls, I hope you will bring your children into the decision-making process. Have an honest dialogue with your children about your concerns, and develop a space where they are free to share their own thoughts and feelings without fear of judgement. It's important that your mind is not already made up before you sit down at the table, as they'll sense it immediately. Repeat this often, and make it easy for anyone (yourself included) to express that their perspective has changed. Set a good example (by e.g. not using social media yourself) and apologize when you are wrong, so that your children learn that it's safe to do the same.

Encourage them to pursue healthier alternatives. Allow them to experiment and learn from their mistakes.