Sure, it's a protectionist stance, there's a strong undercurrent of Orientalist1 racism, and TikTok is being punished for success. All true.
That doesn't mean TikTok isn't moderately to severely awful, or that it's not a problem that a great many young people in particular are obsessed with it, or that it can't be used to project "soft power" in ways that are favorable to China and unfavorable to the US. Someone can be right for the wrong reasons, and not all of the reasons here are wrong.
Personally, I'm a strong proponent of freedom of expression and still unwilling to agree with a TikTok ban. But I recognize that it's pretty toxic. (I did, however, enjoy Ryan George's YouTube piece about TikTok, so, y'know, feel free to call me hypocritical.)
1In the sense of Edward Said's most famous work, though the "Orient" he was primarily talking about was not the Far East.