My understanding is that the TikTok deal only applies to the United States (TikTok US) and does not affect the rest of the world.
If that’s the case, then I think the deal is fine as long as ByteDance retains control of TikTok globally.

TikTok USDS controls/stores data, authorized to tune the algorithm.
BD US still holds IP and ad. business.
Two entities share the income.