Personally I feel this is as much a failing of of mobile OSs as anything else. As long as we have an environment where ad networks think it's desirable to collect this kind of information it's going to get collected, whether by TikTok or ad networks. Apple at least attempt to limit what data is accessible by apps, Google is less incentivized to do so.
It's not much help to "ban TikTok" while the ad networks run wild. If we're going to be worried about China I doubt it'd be too much trouble for them to place a few engineers into ad networks and exfiltrate the data from there.