No, China does not control TikTok in the US. TikTok transferred control of the US instance to Oracle (and subsequently the US State Department) years ago.

https://www.mintpressnews.com/tiktok-chinese-trojan-horse-run-by-state-department-officials/284353/

The US doesn’t want to ban TikTok. They want to force a sale of TikTok to a US entity, as has been openly stated by the billionaires behind the political push. This is partly to make sure a US oligarch is profiting from the platform’s popularity, and to decrease transparency as US authorities increasingly combat growing leftism and anti-imperialism on the platform among Gen Z.