Tiktok got banned not for peddling "chinese propaganda" but instead not peddling the US one.
All the major tech companies in the US take measures to ensure content deemed unworthy by the government never become mainstream or viral.
This is done under the pretense of stopping "hate speech" or "terroristic propaganda" but often include things like pro-palestinian content or class struggle content (like luigi mangione stuff).
Tiktok was bold enough to not do that by default, cuz they wanted someone to ask them to do this and then it would become a huge scandal about how the US suppresses free speech. And US gov don't want to do that for this exact reason as well. So they decided to ban it.
Remember talks for this "law" were initiated when all of a sudden tiktok became a host for pro-palestinian voices. We should ask ourselves, how is it that 60% of americans want the government to stop arms sales to israel but this 60% never shows up on the big social media platforms. But on other platforms like here in lemmy and tiktok, pro-palestinians is the majority.
For further reading, listen to employees fired from big US tech companies for voicing their concerns over the palestine issue, or read Meta's new terms and conditions specially the section on "dangerous organizations and individuals".