100% the PRC reads all user data live on TikTok and controls fees to inject in pro-PRC propaganda, but until congress releases this evidence to the public then it is unconstitutional to just ban an owner of a website. The American people should have access to all information used to bypass the constitution. TikTok is just a website mostly used by kids so there is no real loss for tiktok specifically.
The other issue, is if any "US company" buys TikTok that also has operations in China, then the chinese government will still have 100% access to the data and content manipulation. You can use Musk as an example as there was talk of him buying it. Musk has significant operations in China so he also has to do anything the Chinese government says or risk losing his businesses/assets or supply chain there.
Regardless this law is a threat against any owner, regardless of citizenship, that also has business/assets in China.
They might as well just pass a law preventing any US company from owning or operating businesses in China. If they really have evidence of the national security threat that they can share.
At this point, Trump's delay to follow the law is just a ploy for him to find a way to profit off the situation. It sets another bad precedent that the executive branch can just ignore the law with no consequences.