Here's Bernie Sanders from a year ago talking about how a handful of companies control the news people see, read, and hear. TL:DR - He makes the argument that it's not fake news, that journalists are usually hard-working and honest. He says the problem is the limitation of allowed discussion - what topics make it to the consumer. He says for instance that he's never asked about wealth and income inequality.
I believe TikTok is being banned because as it stands now it brings topics outside the limits of allowed discussion to a lot of eyes in ways US government/companies haven't proven able to control. If the issues justifying a potential ban were truly data security or mental health as some argue (not without merit mind you), then the legislation to address those issues would look a lot different and include companies like Meta, Google, Instagram, etc. Those are valid concerns but the new measure is clearly not designed around them.
Finally, we've seen how Trump can tie up the courts for months on end even after all his self-snitching. Thus I very much doubt we'll see any actual action in the 9 months + 3 months grace period laid out for the resolution of the TikTok matter. There are too many constitutional and business law challenges in my (admittedly layman's) reading of expert opinion.