Are you talking about the App Privacy page specifically?
Because that page is about as useful as “known to the State of California to cause cancer”
Any social media with advertising will have similar alerts as to what it might be collecting.
How would it be collecting that you might ask?
It’s not on your phone: Your browser and your apps are sandboxed from each other. They cannot read from each other. It’s a constant pain in the ass for session persistence, you end up having to use wonky nonce patterns to maintain sessions from app to browser & vice versa.
They’re collecting it from advertising ids that are on your browser. It’s the Google Ad Api - That’s it.
Go ahead, look at Instagram or Youtube. They’ll have the same laundry list of “Browsing history, Physical Address” etc.
TikTok isn’t conjuring that from thin air - It’s just that it, like any other advertising app, is using the publicly available data about you to advertise.