They are not the same thing. Facebook is bad too (and actually, a platform-neutral legal restriction based on behavior would be better), but TikTok is absolutely unique in the type of threat it poses:
The Chinese government treats communication networks as their personal hoovering-attachment for any data they might want. Companies are required by law to operate as an arm of Chinese intelligence, both in terms of giving information and in terms of manipulating what information people on their network are allowed to see. The FBI and NSA definitely spy on Americans too to some extent, but it's simply not in the same league or with the same type of goals.
It's not just your TikTok data. It's photos and files on your phone, your contacts, your messages, basically anything that the app with its too-permissive permissions can get its hands on, can potentially go up to Chinese intelligence.
TikTok is not structured like any other app. It has features like custom-downloading and running arbitrary binaries from its central server that honestly don't even make much sense except as spying apparatus (consistent with #1).
What China might do with this unprecedented level of access to everyone's phones is malevolent in a different way than, say, Facebook's access to everyone's data. Like Facebook they have the ability to e.g. influence an election, but they also have the ability to try to blackmail an individual to compromise them, or do for-real torture in the real world (say by tracking down a dissident via TikTok spying and then having one of their little Chinese-police-in-America units grab them).
What is the Chinese state going to do to you from the other side of the world, other than feed you targeted ads? Attack you with Havana Syndrome or turn you into a Manchurian Candidate via 5G? Why would the Chinese state be the least bit interested in you?
Does no one remember how ridiculous the red scares and the first cold war hysteria looked in the rear view mirror? Because the new hysteria looks just as ridiculous to me now. Same cartoonish propaganda, same credulous acceptance of it.
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