Correct. Very dangerous. Would make all your data and online presence open to FedGov inspection.
TikTok has agreed to house all the data on Oracle’s Cloud with access to US government oversight
https://www.courier-journal.com/story/opinion/2023/03/29/rand-paul-does-the-us-really-want-to-emulate-china-by-banning-tiktok/70056172007/