(5) INTERNET HOSTING SERVICE.—The term “internet hosting service” means a service through which storage and computing resources are provided to an individual or organization for the accommodation and maintenance of 1 or more websites or online services, and which may include file hosting, domain name server hosting, cloud hosting, and virtual private server hosting.
So this would prevent a US organization like AWS, Oracle, etc from hosting the TikTok user data as long as TikTok is owned or a subsidiary of ByteDance or another “foreign adversary”.
Elsewhere in the text, they exclude “service providers” from restrictions, so it seems like ISPs are not going to block requests to TikTok.