The TikTok ban has always been about national security, as the app gives the CCP the ability to manipulate Americans' data. Despite critics' accusations, this does not violate the First Amendment because the law targets foreign ownership rather than content, making it a content-neutral regulation subject to intermediate scrutiny. If ByteDance had implemented the initially requested safeguards, the company and its customers wouldn't be dealing with this issue.
If you read the text of the bill, it was never focused solely on China, as the only evidence of a threat it posits is a vaguely perceived one. What it does clearly state, however, is that the President of the United States can, from here on out, declare any social media platform a national security threat if he believes some foreign adversary — not just a government but an individual — is influencing it. This law is the beginning of a dark path toward complete government censorship.