But if you wanna beat the drum of Jingoism, here is a counter argument: the Chinese Government has little interest in the activities of most domestic US citizens. Its the US Federal Government that cares if American citizens are feeling too rebellious.
Practically, I'll be more concerned about my government having the data vs a third world. I rarely get involved in Chinese politics/threads and have little interaction with them except everything is manufactured there. I may visit China/Taiwan/Hong Kong as a tourist sometime in future.
For my own country I am actively interested in and sometime involved in political discussions/forums. I have stronger opinion in favour/against current government and will have lot more influence on my local.
So the govt./org. trying to suppress/persecute me will be with high probability my own vs China or Russia.
killing tiktok because it's too successful will undermine US credibility as a fair entity in any kind of business negociation, with any country.
I wouldn't be surprised if this case would be used later by the EU in regulating FAANGs even more and inventing taxes just for them ( which, as a european i find completely outrageous, for the same reasons).
FAANG has a data sharing mandate with the US government. My own government spying on me is more dangerous than some foreign government spying on me, because it is unlikely I wake up looking into the barrel of a Chinese exfiltration team at three in the night. Getting woken at gunpoint by the local village idiot/Sheriff because they don't like my surfing pattern is a lot more likely.
The Chinese government isn't going to use nefariously collected data about you in order to get a search warrant or something. The American one is.