It does. But there are mechanisms within CFIUS that TikTok was working through. Trump and Congress decided to circumvent CFIUS and go after TikTok, which is their right, but why?

So CFIUS would be a good process that would be short of a ban. You know, they could look at the app. They could decide whether or not there are other things that the company could do. But I think Congress has basically gone and kind of short-circuited that process and said, no, we're not going to have the Committee on Foreign Investment look at this. We're not going to have other processes look at it. We're just going to make a decision as the Congress that this app needs to be sold in a short time, or it will be banned.

And so why is it that we'll still be able to access apps like the clothing company Shein in in the U.S. - that's also Chinese owned - Temu, which sells all sorts of stuff - clothing and housing goods? These apps are also Chinese owned and are on a lot of American phones. source

It’s because of TikTok’s popularity and influence.