But neither of those problems are addressed by a TikTok ban. If privacy legislation was enacted and it banned TikTok as a result the conversation would be very different.
Privacy legislation only works because companies have to worry about whistleblowers leaking violations to the media, which would cause them to be fined. China can disappear any whistleblowers and has full control over their media. If CCP compromising TikTok is proven despite this, then it's over for TikTok anyways and fines are irrelevant.
Forcing TikTok to divest from mainland Chinese control absolutely solves the second, in TikTok's case.
That there exist other problems is not a justification for inaction on this particular problem.