Whatever TikTok is to the USA, Meta and the rest is the same for EU. TikTok has known links to the Chinese Communist Party and the American social media and tech in general has proven links to US intelligence and mass surveillance programs. You may say that CCP is adversary and US-EU are ally but then again the US has proven to be able to elect anti European government, so EU can't afford to rely on not having Trump or similar once again in power.
The Americans are considering to ban TikTok, do you want EU to adopt the same approach and ban TikTok along with Meta and the rest?
I like the EU approach better, even if it's not ideal its better than complete ban. Honestly, I'm terrified from banning becoming the norm because this will mean completely fragmented internet and this will mean the end of global society because the countries will be able to shape their society the way it suits them for internal politics.