Lol, of course you can. Social media causes plenty of health issues. Mental health issues specifically. Also, no one is banning communication. You can communicate in many other ways that exploit you less. Common folk communicating, running business, and conducting their lives was all doable before TikTok, what are you on?
Funny enough, Discord is probably on the block too if this passes, being that China owns a significant amount of it. Meta could also be at-risk if China owns 20% of their stock, as could any other qualifying media company.
More or less, China could buy 20% of any qualifying company, and get it banned under this law.